J.P. Morgan to acquire 75% of Volkswagen payments platform
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J.P. Morgan to acquire 75% of Volkswagen payments platform 08 September 2021US Reporter: Carmella Haswell
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J.P. Morgan will acquire a 75 per cent stake in Volkswagen’s payments platform, which is operated by Volkswagen Payments S.A.
The investment banking company says the deal will expand the bank’s digital payment capabilities and will seek to develop the platform for new markets and industries outside of the automotive sector, where mobility-focused payments will become central.
Based in Luxembourg, Volkswagen Payments S.A., offers digital payment services across the auto ecosystem including; initial purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging, parking and subscription-based services such as insurance and in-vehicle entertainment.
Shahrokh Moinian, EMEA head of wholesale payments at J.P. Morgan, says: “We plan to build on Volkswagen Financial Services’ innovative groundwork on the existing platform, and apply the global scale of our payments expertise to meet evolving customer expectations in the auto space and beyond.”
The deal is expected to close in the first half of 2022.
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