LONDON, Sept 8 (Reuters) – JPMorgan (JPM.N) has struck a deal to buy a majority stake in German car giant Volkswagen’s (VOWG_p.DE) payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.
The U.S. bank has agreed to buy close to 75% of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals.
The Luxembourg-based business was founded in 2017 and operates across 32 countries. It offers car purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging and subscription services such as insurance and in-vehicle entertainment.
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,” Shahrokh Moinian,…