JPMorgan is buying a majority stake in Volkswagen's payments unit

JPMorgan plans to buy a majority stake of close to 75% in Volkswagen's payments business.

The U.S. banking giant said the deal would help it expand its digital payment capabilities and enter into the automotive industry for the first time.

Over time, the two companies plan to develop Volkswagen's platform to cover markets outside the automotive sector, JPMorgan said. "We plan to build on Volkswagen Financial Services' innovative groundwork on the existing platform and apply the global scale of our payments expertise to meet evolving customer expectations in the auto space and beyond," said Shahrokh Moinian, EMEA head of wholesale payments at JPMorgan, in a statement.Volkswagen has been pushing into the digital payments industry for some time now. The firm's payments arm was established in Luxembourg in 2017.

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