Volkswagen Acquires Parking Payment App PayByPhone
Volkswagen is stepping into new territories.
The vehicle manufacturer recently acquired the parking payment app, PayByPhone, for an undisclosed amount of money. PayByPhone allows drivers to cover their parking fees directly through their phones without having to revisit the meter.
The app is available in more than 300 major cities in six countries, and processes over $300 million in parking expenses every year. PayByPhone has Apple Pay and Android Pay integrated into its payment options, so users can cover their meter fees with their favorite mobile wallet. The company has been in existence for over 15 years, and has more than 12.5 million users.
The mobile payment industry continues to grow at a rapid rate, especially in the food and shopping industries. While parking meters may not seem like an obvious source of growth, PayByPhone provides a convenience and peace of mind consumers can’t seem to get enough of. According to GeekWire, the app debuted in Seattle just over three years ago, and now handles over 750,000 transactions per year for the area.
This is not the first time Volkswagen has made investments outside of car manufacturing. In May 2016, the company invested $300 million in a startup company called Gett, an Uber-like ridesharing operation based in Europe. In September 2015, Volkswagen acquired 92% of Sunhill Technologies GmbH, a mobile parking platform from Germany.