Daimler steers into mobile wallet territory with acquisition of PayCash

Daimler steers into mobile wallet territory with acquisition of PayCash

Daimler Financial Services is acquiring Luxembourg-based e-money institution PayCash Europe under plans to build its own electronic payment service using the 'Mercedes pay' brand name.

Mercedes pay will be integrated into Daimler Mobility Services, which incorporates car-sharing venture, car2go, and the mytaxi taxi app, which operates in nine European countries. The company also plans to use the new payment system across its vehicle financing franchise in the future.

Klaus Entenmann, chairman of the board of management of Daimler Financial Services states: “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, in the future, will only need to provide their payment details one time, in order to be able to use a range of Daimler’s services. This is made possible by the eWallet function, a virtual source of payment.”

PayCash - which was founded in 2012 - also handles cryptocurrencies, such as bitcoin and eWallets, in addition to mobile payment services.

Terms of the transaction were not disclosed.

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