If you drive in Vancouver, you’ve likely used the PayByPhone app, a mobile payment system linked to the city’s parking meters and a number of parking lots.
Now, the Vancouver-based company has been acquired by Volkswagen Financial Services, the automaker’s financial services division.
In a joint release, the companies said the move will position the German auto giant as a leader in mobile payments, while opening a route to global growth for PayByPhone, already a leader in the sector.
PayByPhone has already processed more than $250-million this year alone and says it’s adding about 7,000 users a day.
It’s already in use in a number of major cities, including San Francisco, London, and Paris.
The companies say the acquisition won’t affect PayByPhone’s current operations.
The terms of deal were not made public.