VW Buys Mobile-Payment Provider PayByPhone for Parking Services

Volkswagen AG bought North American parking-payment operator PayByPhone in the latest move by Europe’s biggest carmaker to expand from manufacturing into mobility services. The purchase of Vancouver-based PayByPhone, which processed more than $250 million in transactions this year, will turn the German company’s Volkswagen Financial Services unit into the leader in mobile payments for parking, the automaker said Wednesday in a statement.