(Bloomberg) -- Volkswagen AG bought North American parking-payment operator PayByPhone in the latest move by Europe’s biggest carmaker to expand from manufacturing into mobility services.

The purchase of Vancouver-based PayByPhone, which processed more than $250 million in transactions this year, will turn the German company’s Volkswagen Financial Services unit into the leader in mobile payments for parking, the automaker said Wednesday in a statement. The companies aren’t disclosing the cost of the acquisition.

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