Volkswagen buys PayByPhone service

PayPoint sells Mobile Payments business for £26.5m

Volkswagen has bought the PayByPhone cashless parking service from PayPoint for £26.5m in cash.

PayPoint sold its Mobile Payments business to Volkswagen Financial Services AG on 23 December. A dividend of the gross sale proceeds, which amounts to 38.9p per share, will be paid on 11 January 2017 to shareholders on the register on 6 January 2017. 

Dominic Taylor, PayPoint’s chief executive, believes the VW and PayByPhone are a good fit. “I am delighted to have found such a...

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