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Vancouver-based parking payment company PayByPhone has been acquired by Volkswagen Financial Services AG.

Terms of the deal were not disclosed.

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Founded in 2001, PayByPhone bills itself as one of the fastest growing mobile payments companies in the world, processing more than $250 million in payments annually.

PayByPhone says its mobile web, smartphone and smartwatch applications are used by more than 12.5 million registered users around the world in such cities as Paris, London, San Francisco, Massachusetts and Boston.

A news release issued by both companies says PayByPhone is adding about 7,000 users per day.

Volkswagen Financial Services AG, a division of Germany-based Volkswagen Group, says the acquisition positions it as a clear leader in mobile payments and parking sectors.

“This is a tremendous opportunity for PayByPhone to explore new ways to expand our mobile payments technology,” said PayByPhone CEO Kush Parikh.

“The mobile payment movement has exploded recently, and we look forward to accelerating our consumer parking and payments agenda made possible by this deal.”

“With the acquisition of PayByPhone, we are now the leading provider for the processing and mobile payment of parking, added Volkswagen Financial Services executive Dr. Christian Dahlheim.

Both companies say the acquisition will not affect any of PayByPhone’s current operations.