Volkswagen AG’s financing arm has acquired Vancouver-based parking payment company PayByPhone, the latest move by an auto maker investing heavily to compete in a mobile race that is heating up in the auto industry. Terms of the deal were not disclosed.
PayByPhone allows people to pay for certain parking spaces by mobile apps, phone calls or texts. PayByPhone, founded in 2000, says it processes over $250 million in transactions annually.
PayByPhone’s 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 and is adding approximately 7,000 users per day.
The acquisition positions VW as a clear leader in mobile payments and parking sectors.