Volkswagen targets mobile payments business with parking service deal

Volkswagen Financial Services AG, the financial services division of German vehicle manufacturer Volkswagen Group, has bought mobile payment platform PayByPhone to highly increase its involvement in mobile payments around the world and to establish a 'separate business field around the theme of parking'. At the moment, parking procedures and their billing are often cumbersome, time-consuming and a sore point in many cities throughout Europe and the world, says Christian Dahlheim from Volkswagen Financial Services AG.