JPMorgan Shutters Payments Platform It Acquired From Volkswagen

JPMorgan Chase & Co. is winding down the payments platform it acquired from Volkswagen AG just four years ago, after executives determined they would not be able to turn a profit on the platform.

VW Pay — which became known inside JPMorgan as the Mobility Payments Solution platform — was focused on providing payments technology to players across the mobility space, according to a person familiar with the matter.