Core Insights - JPMorgan Chase & Co is phasing out the Mobility Payments Solution, acquired from Volkswagen, due to a lack of profitability [1][2] - The bank will continue to offer mobility-related services despite the shutdown of this specific platform [2] - The decision to wind down the platform follows previous exits from digital ventures that did not meet commercial goals [5] Group 1: Platform Details - The Mobility Payments Solution, also known as VW Pay, was designed to facilitate digital payments for automotive purchases, fuel, parking, and other connected services [3] - At the time of acquisition, JPMorgan aimed to expand the platform's reach into new markets using internet-enabled vehicles [3] Group 2: Employment Impact - The shutdown will affect staff in Luxembourg and Munich, with some employees potentially offered positions elsewhere within JPMorgan [4] - According to the employment union Aleba, 33 positions will be eliminated in Luxembourg, with initial redundancies expected to occur in 2026 [4] Group 3: Historical Context - Volkswagen launched its original payments venture in 2017, which expanded to 32 nations by the time JPMorgan acquired a majority stake [2] - JPMorgan previously discontinued its Chase Pay app in 2019, as less than 1% of merchants adopted it for transactions [5]