PayPoint sells mobile payments business to concentrate on retail

PayPoint sign

PayPoint is to prioritise developing its retail business following the sale of its Mobile Payments division to Volkswagen Financial Services for £26.5m.

The sale marks the conclusion of the restructuring set out in May 2015 and follows the sale of Online Payments in last January.

Dominic Taylor, PayPoint chief executive, said: “I am delighted to have found such a well suited company to acquire our PayByPhone business and take it forward. With the major restructuring completed in line with our strategy, we can now direct our entire focus on the development of our retail business, including the continued rollout of our new PayPoint One terminal and EPoS.”