JPMorgan to Wind Down VW-Backed Mobility Payments Platform

JPMorgan Chase & Co. is discontinuing the payments platform it acquired from Volkswagen AG just four years ago, following internal assessments that the business could not be steered toward profitability. The platform — originally known as VW Pay before being rebranded internally as the Mobility Payments Solution — was designed to serve the broader mobility ecosystem. It offered digital payment capabilities supporting vehicle purchases, fuel payments, parking, and other connected-car services. Although JPMorgan will cease operating the platform, the bank will continue servicing mobility-industry clients through its broader payments infrastructure, according to a person familiar with the decision.

Volkswagen first launched its payments unit in 2017, and by the time JPMorgan acquired a majority stake in 2021, the platform was active in 32 countries. The long-term vision was to leverage connected vehicles as commerce touchpoints — enabling them to initiate seamless, in-car payments. However, JPMorgan recently informed employees that the division would be phased out in the coming months. The decision will directly impact staff in Luxembourg and Munich, with some team members expected to be redeployed internally, while others may face redundancy.

Luxembourg’s employment union Aleba confirmed that 33 positions will be eliminated as part of the shutdown, with layoffs scheduled to begin in 2026. The move underscores JPMorgan’s pattern of cutting underperforming digital initiatives. In 2019, it shuttered Chase Pay, a mobile wallet that struggled to gain traction, with fewer than 1% of merchants accepting it at the time, according to Bloomberg reporting.

Source: Adapted from Bloomberg News reporting.