Volkswagen Financial Services acquires PayByPhone

Volkswagen's financing arm last week acquired PayPayPhone, a Vancouver-based company enables that drivers to pay for parking spaces via mobile apps, phone calls or texts. Several media outlets reported about the sale late last week.

"It is important to make the distinction that it is Volkswagen Financial Services (VWFS) who acquired us, and they have a charter to focus on general mobility services," PayByPhone CEO Kush Parikh told TechCrunch in an interview. "Outside of being the largest parking payment provider, the key asset we bring to the table is the relationship we have via our flagship mobile applications with our users. The mobile relationship is a one to one relationship that can extend into a myriad of additional services."

TechCrunch noted in the article that mobile payments is not new for Volkswagen Financial Services. The company in 2015 purchased Sunhill Technologies,  a Germany-based cashless payment product.

Topics: In-App Payments

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