(20 November 2025 – United States) JPMorgan has decided to close its Mobility Payments Solution platform, VW Pay, which it acquired from Volkswagen AG in 2021, due to concerns over profitability.
This was reported by Globaldata, citing a Bloomberg report that quoted a person familiar with the matter.
Rationale Behind JPMorgan’s Move
VW Pay focuses on delivering payments technology to companies across the mobility ecosystem, enabling digital payments for vehicle purchases, fuel, parking and other services. Although JPMorgan won’t operate the platform, it will continue providing mobility-related services to its clients in the sector.
JPM’s decision will impact staff in Luxembourg and Munich. In Luxembourg, 33 roles are expected to be cut in 2026 according to the financial sector union Aleba, while other employees may be reassigned or see their positions eliminated.
According to a Luxembourg Times article, the business remained loss-making despite higher transaction volumes, rising from €180.9 million in 2023 to €222.6 million in 2024, with annual losses widening from €24.2 million in 2023 to €28.8 million in 2024. Even after a €31 million capital injection in April 2025, executives concluded there was no viable path to profitability.
It’s the latest instance of JPMorgan being willing to move away from tech initiatives that fail to meet expectations. In 2019, the firm said it would close its Chase Pay app, a digital wallet launched to compete with players like Apple that were reshaping consumer payments. When JPMorgan ultimately decided to end the project, fewer than 1% of merchants were using the wallet.
This move aligns with JPMorgan’s efforts to reallocate capital to profit-making regions. In September, the bank announced its plans to launch Chase Digital Bank in Germany to strengthen its position in Europe.
Source: Yahoo! Finance