Volkswagen Financial Services AG acquires parking mobile payments company PayByPhone
28 December 2016
Volkswagen Financial Services AG, the financial services division of Volkswagen Group, has acquired PayByPhone, a leading parking payment provider. The deal positions Volkswagen Financial Services AG solidly in the mobile payments and parking sectors, while providing the foundation for future PayByPhone growth globally. Volkswagen Financial Services AG has already acquired a 92% shareholding in Sunhill Technologies GmbH, the German market leader in mobile-parking solutions across 90 German cities.
The PayByPhone acquisition expands the Volkswagen Financial Services AG footprint in the mobile-payment solutions market, and positions the organization as the central service provider within the Volkswagen Group for the parking business.
In 2016, PayByPhone has already processed more than $250 million in payments and is adding approximately 7,000 users per day to its already substantial base of more than 12.5 million registered users.
With the acquisition of PayByPhone, we are now the leading provider for the processing and mobile payment of parking. In the future, we will be bundling this know-how in a separate business field around the theme of parking.
—Dr. Christian Dahlheim, the management board member responsible for sales and marketing at Volkswagen Financial Services AG
The acquisition will not affect any of PayByPhone’s current operations. In the near future, PayByPhone’s existing clients and customers can expect improved support, more services, and greater app functionality as the integration with Volkswagen Financial Services AG continues. The paybyphone app is available on iOS, Android, and all other mobile platforms via its web application and online presence.
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