JPMorgan to Buy 75% of Volkswagen’s Payments Business
JPMorgan has announced its deal to buy a majority stake in Volkswagen's payments business, ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.
The bank has agreed to buy almost 75% of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals. Volkswagen's financial services division will retain a 25.1% stake in the payments business.
JPMorgan said it plans to invest in and rebrand the payments business and expand its mobility-focused payments to other industries.
"One of the fastest-growing platforms is the connected car marketplace, whereby the car acts like a wallet for purchasing goods, services or subscriptions”, said Shahrokh Moinian - EMEA head of wholesale payments at JPMorgan.
The deal is expected to close in the first half of 2022.
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