JPMorgan to Take Majority Stake in Volkswagen Payments Platform
- Bank will buy 75% holding and target ‘wallet of the future’
- No financial terms disclosed for deal due to close in 2022
A Volkswagen ID.4 GTX electric vehicle at the IAA Munich Motor Show in Munich, Germany, on Sept. 6.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
JPMorgan Chase & Co. is buying a majority stake in Volkswagen AG’s payments platform, extending its services further into the auto industry.
The U.S. bank said it will acquire close to 75% of Volkswagen Payments SA in a statement Wednesday. It plans to work with the car manufacturer to develop the platform for new markets that could use internet-connected vehicles as a way to pay.