Volkswagen Financial Services, the financial services division of Volkswagen Group, has acquired parking payment provider PayByPhone to expand its footprint in the mobile-payment solutions market.

PayByPhone processed more than $250m in payments in 2016 and added approximately 7,000 users per day to its existing base of over 12.5 million registered users.

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The paybyphone app is available on iOS, Android, and all other mobile platforms via its web application and online presence.

The acquisition will not affect any of PayByPhone's current operations, the companies said in a joint statement.

“In the near future, PayByPhone's existing clients and customers can expect improved support, more services, and greater app functionality as the integration with Volkswagen Financial Services AG continues,” the statement added.

Commenting on the deal, Christian Dahlheim, the management board member responsible for sales and marketing at Volkswagen Financial Services, said: “With the acquisition of PayByPhone, we are now the leading provider for the processing and mobile payment of parking. In the future, we will be bundling this know-how in a separate business field around the theme of parking."

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PayByPhone CEO Kush Parikh said: "This is a tremendous opportunity for PayByPhone to explore new ways to expand our mobile payments technology into different verticals, markets and use cases. The mobile payment movement has exploded recently, and we look forward to accelerating our consumer parking and payments agenda made possible by this deal."

The terms of the deal were not disclosed.

Volkswagen Financial Services has already acquired a 92% shareholding in Sunhill Technologies, a provider of mobile-parking solutions across 90 German cities.