JPMorgan to buy majority stake in Volkswagen payments unit


The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York.

Tim Clayton – Corbis | Corbis Sport | Getty Images

JPMorgan said Wednesday it plans to buy a majority stake of close to 75% in Volkswagen’s payments business.

The U.S. banking giant said the deal would help it expand its digital payment capabilities and enter into the automotive industry for the first time.

Over time, the two companies plan to develop Volkswagen’s platform to cover markets outside the automotive sector, JPMorgan said.

“We plan to build on Volkswagen Financial Services’ innovative groundwork on the existing platform and apply the global scale of our payments…


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