J.P. Morgan to Take Majority Ownership of Volkswagen Payments Business
8.9.2021 11:15:00 EEST | Business Wire | Press release
J.P. Morgan announces today that it has entered into a strategic deal with Volkswagen Financial Services, with plans to acquire a controlling interest of close to 75% in the car manufacturer’s payments platform, operated by Volkswagen Payments S.A., subject to regulatory approvals.
The deal will expand the bank’s digital payment capabilities and see the platform extended and accessible to the broader auto industry for the first time. Over time, the alliance between the two firms will seek to develop the platform for new markets and industries outside of the automotive sector where mobility-focused payments will become central. Volkswagen Financial Services will remain a shareholder and the platform will continue to facilitate payments across the Volkswagen network in support of all Volkswagen Group brands globally.
Founded in 2017 in Luxembourg, Volkswagen Payments S.A. operates a leading payments platform designed for the auto industry. Operating in 32 markets around the world, the business offers a range of digital payments services across the auto ecosystem including: initial purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging, parking and subscription-based services such as insurance and in-vehicle entertainment. It focuses on digitally connecting the auto ecosystem and improving the payments experience for consumers, distributors and suppliers alike.
The platform is a natural fit for J.P. Morgan’s Wholesale Payments business – which combines corporate treasury services, trade finance, card and merchant services capabilities – and delivers an integrated payments experience to end users across the economy. Volkswagen Payments S.A. will continue to be based in Luxembourg, also one of J.P. Morgan’s key European locations and where it has a proud history of supporting clients for more than 45 years.
The deal comes at a time when customers expect a seamless digital payments experience, regardless of industry or sector. The auto industry is increasingly focused on this area and there is significant opportunity for global growth, with in-car payments alone predicted to reach $4bn in 20211. J.P. Morgan expects that the connected vehicle, the digital payments experience and customized payment services, will all become core features of business models in the future.
Shahrokh Moinian, EMEA Head of Wholesale Payments at J.P. Morgan, said: “We plan to build on Volkswagen Financial Services’ innovative groundwork on the existing platform and apply the global scale of our payments expertise to meet evolving customer expectations in the auto space and beyond.”
“Auto payments encapsulate many of the characteristics of the wallet of the future more generally,” added Max Neukirchen, Global Head of Merchant Services at J.P. Morgan. “Partnering with a leader in the field gives us a great opportunity to be at the heart of that.”
Dr. Christian Dahlheim, Head of Volkswagen Group Sales, emphasized: “With its many years of banking experience and global market presence, J.P. Morgan is the ideal partner for Volkswagen Payments S.A. to implement the requirements of the Volkswagen Group's brands for customized automotive payment solutions worldwide.”
Dr. Mario Daberkow, CIO of Volkswagen Financial Services AG, added: “We are proud of the successful setup and operation of Volkswagen Payments S.A. and, as a strong shareholder, we will ensure that it continues to support the Volkswagen Group and its brands with tailor-made and innovative solutions and services in the field of digital payments.”
The deal is expected to close in the first half of 2022, at which point the two companies will build out their joint operating model – including branding of the initiative – with a strategy to open to other companies across the auto industry.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and securities services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $32.1 trillion of assets under custody and $722 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.
1 Source: Grand View Research, https://www.grandviewresearch.com/industry-analysis/in-vehicle-payment-services-market
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210908005411/en/
Contact information
Media Contacts:
Patrick Burton, +447850 745 359 / patrick.o.burton@jpmorgan.com
Rebecca Hooper, +447807 583 378 / rebecca.hooper@jpmorgan.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Clene Nanomedicine Partners with Veristat to Reduce Biostatistical Output Time by 80% for ALS New Drug Application12.11.2026 19:09:00 EET | Press release
VeristatTM, a global clinical research organization (CRO) and consultancy specializing in complex studies, announced that it has partnered with Clene Nanomedicine to cut the time to deliver biostatistical outputs for a pivotal ALS drug application submission by 80%. Veristat reduced the time from study data to validated tables, listings and figures (TLFs) from up to six weeks to just one week. Clene, a late-stage biotech company, leveraged Veristat’s recently launched InStat™ platform, the industry’s first zero-code, fully automated solution to accelerate clinical trial processes. Biostatistical TLFs sit on the critical path for submissions, yet most sponsors rely on antiquated processes that involve slow, manual workflows to produce them, making post-database lock one of the biggest bottlenecks to regulatory approval. To remove this barrier, Veristat uses its AI-enhanced platform to compress the timeline to submission-ready TLFs from weeks to days, with every output validated by stati
WHOOP Launches WHOOP Humans, the Most Verifiably Human Social Network12.11.2026 19:00:00 EET | Press release
WHOOP, the human performance brand, today launched WHOOP Humans, a new feature that lets members follow friends and family, share fitness, health, and performance data they choose, and support each other's progress. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261112176779/en/ WHOOP Launches WHOOP Humans, the Most Verifiably Human Social Network For more than a decade, WHOOP has helped members better understand their own health and performance. Now, WHOOP Humans extends that experience beyond the individual, making it easier to celebrate achievements, encourage progress, and look out for the people who matter most. "In a world that's becoming increasingly artificial, we're building something deeply human,” said Will Ahmed, Founder and CEO of WHOOP. “This is the most verifiably human network ever launched. Every account represents a real person with a verified heartbeat. They have real goals, challenges, and achievements. T
Integrated Hubs for Green Chemistry Research Aim to Transform How Chemicals and Materials Are Designed12.11.2026 18:00:00 EET | Press release
The Gordon and Betty Moore Foundation today announced four Integrated Research Hubs to explore new frontiers in chemical design, from materials that respond to their surroundings to molecules designed for safety from the start. Bringing together global researchers across institutions and disciplines, the hubs will investigate fundamental principles that could enable new capabilities in chemicals and materials while improving performance and protecting human health and the environment. The research priorities emerged through extensive engagement with the scientific community to identify the questions that could transform what chemistry can achieve. Each hub will connect researchers across institutions around one of four green chemistry focus areas: Safer molecular design: Led by The George Washington University, this hub will combine artificial intelligence and quantum chemistry to embed safety into chemical design from the outset. Adaptive catalytic systems: Led by the Max Planck Insti
Roquette Highlights Scalable Excipient and Capsule Solutions for Regional and Global Pharmaceutical Markets at CPHI India 202612.11.2026 17:00:00 EET | Press release
Roquette, a global leader in plant-based ingredients and a leading provider of pharmaceutical excipients, will showcase its comprehensive portfolio of excipient and capsule solutions at CPHI India 2026, Hall 1, Booth 1I12 from November 23 to 25, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261112803410/en/ Meet Roquette at CPHI India 2026, Hall 1, Booth 1I12 At the event, Roquette will demonstrate how it helps pharmaceutical manufacturers accelerate the journey from formulation to market with confidence. By combining technical expertise, trusted quality, meaningful innovation and close collaboration, Roquette helps customers address formulation, scale-up and manufacturing challenges across a broad range of pharmaceutical applications. As India continues to play a critical role in supplying medicines to patients around the world, pharmaceutical manufacturers face increasing demands for quality, regulatory compliance,
Tigo Energy and Google Cloud Pair AI-Powered Tools for Solar Installers and Utilities12.11.2026 16:00:00 EET | Press release
Tigo Energy, Inc. (NASDAQ: TYGO) (“Tigo” or “Company”), a leading provider of intelligent solar and energy software solutions, today announced a collaboration with Google Cloud to develop AI-enabled operational workflows for solar installers and distributed energy portfolios. By making core Tigo data and software products available through Google Cloud, Tigo aims to deliver faster deployment, simplified data integration, and additional insights with Gemini. The resulting workflows will help installers, asset managers, and energy operators more easily identify issues, prioritize actions, and automate routine operational tasks across growing fleets of distributed energy systems. As solar and storage portfolios expand, energy businesses are increasingly responsible for managing more sites, more system data, and more customer interactions without a proportional increase in operational resources. Through collaboration with Google Cloud, Tigo is developing AI-assisted workflows to help opera
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom