Financial services division of Germany-based Volkswagen Group, Volkswagen Financial Services has acquired PayByPhone in a deal that will make the former the leading provider for the processing and mobile payment of parking.
Vancouver-based PayByPhone is one of the fastest growing mobile payments companies in the world, processing more than $250 million in payments annually. Through the company's mobile web, smartphone and smartwatch applications, PayByPhone helps millions of consumers easily and securely pay for parking without the hassles of waiting in line, having to carry change or risking costly fines. The paybyphone app is available on iOS, Android, and all other mobile platforms via its web application and online presence.
As consumers look for easy-to-use mobile solutions that fit their increasingly digital lives, the PayByPhone acquisition signals a growing market for mobile-payment solutions. In 2016, PayByPhone has already processed more than $250 million in payments and is adding approximately 7,000 users per day to their already substantial base of more than 12.5 million registered users.
The PayByPhone acquisition expands the Volkswagen Financial Services footprint in the mobile-payment solutions market, and positions the organization as the central service provider within the Volkswagen Group for the parking business. Volkswagen Financial Services has already acquired a 92 percent shareholding in Sunhill Technologies GmbH, the German market leader in mobile-parking solutions across 90 German cities.
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 continues, said Volkswagen in a statement.
Kush Parikh, CEO pf PayByPhone
This is a tremendous opportunity for PayByPhone to explore new ways to expand our mobile payments technology into different verticals, markets and use cases. The mobile payment movement has exploded recently, and we look forward to accelerating our consumer parking and payments agenda made possible by this deal. Volkswagen Financial Services AG has been at the forefront of innovation to fit its customers' mobile lives, and we are honored to be a part of its global vision.
