Newspaper article The Canadian Press

Volkswagen Financial Acquires Vancouver-Based PayByPhone

Newspaper article The Canadian Press

Volkswagen Financial Acquires Vancouver-Based PayByPhone

Article excerpt

B.C.-based PayByPhone sold to Volkswagen

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Vancouver-based parking payment company PayByPhone has been acquired by Volkswagen Financial Services AG.

Terms of the deal were not disclosed.

Founded in 2001, PayByPhone bills itself as one of the fastest growing mobile payments companies in the world, processing more than $250 million in payments annually.

PayByPhone says its mobile web, smartphone and smartwatch applications are used by more than 12.5 million registered users around the world in such cities as Paris, London, San Francisco, Massachusetts and Boston.

A news release issued by both companies says PayByPhone is adding about 7,000 users per day.

Volkswagen Financial Services AG, a division of Germany-based Volkswagen Group, says the acquisition positions it as a clear leader in mobile payments and parking sectors. …

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