Daimler acquires PayCash Europe to launch Mercedes pay

Daimler Financial Services is acquiring electronic payments provider PayCash Europe. The terms of the deal are undisclosed.

Daimler Financial services in a division of automotive firm Daimler, which owns Mercedes-Benz and other car brands.

Luxembourg-based PayCash Europe will become the payments system for the Daimler Groups’ new mobile payments service Mercedes pay.

Head of Daimler Financial Services Bodo Uebber said: “‘Mercedes pay’ is a fundamental component of our mobility and digitization strategy.

“Daimler’s new payment system underscores our ambition, as a leading provider of digital mobility services, to make the products and services we offer even more appealing.”

Mercedes pay will sit within Daimler Financial Services subsidy Daimler Mobility Services that also includes car-sharing service car2go and taxi app mytaxi.

The company says the introduction of Mercedes pay will make it easier for consumers to make payments for these services and others it will introduce in future.

Daimler Financial Services chairman Klaus Entenmann said: “‘Mercedes pay’ allows our customers to easily and securely pay for our mobility offerings and services using their smartphones.

“Mercedes pay will mainly benefit customers, who will in future only need to provide their payment details once in order to be able to use a range of Daimler’s services.”

Founded in 2012, PayCash Europe is regulated by Luxembourg’s banking authority and in addition to mobile payments offers a cryptocurrency solution as well as a voucher and loyalty service.

Copyright © 2017 FINTECH GLOBAL

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