PayCash Europe becomes a part of Mercedes pay payment environment

18 January 2017

daimlerStuttgart-based, global financial services provider Daimler Financial Services is striking a deal to acquire electronic money processor PayCash Europe, based in Luxembourg, in a move to develop its own payment platform under the ‘Mercedes pay’ brand. According to the reports, Mercedes pay will be integrated into the package of Daimler Mobility Services that comprises car-sharing enterprise “car2go” and mobile application known as mytaxi.

Daimler Financial Services, a part of Daimler AG car making corporation, plans to use the new payment service for its car financing afterwards. Board chairman of Daimler Financial Services notes that Mercedes pay provides secure and convenient access to customers to a payment environment where they may pay for a range of services offered by the company just from the comfort of their smartphones.

He adds that the service will be of advantage for customers allowing them to provide their personal payment details only once, after which they can have continuous access to Daimler’s services which is ensured through eWallet functionality. The company believes that Mercedes pay will drive their mobile and digital innovation being the fundamental component of the strategy.

PayCash Europe was incepted more than four years ago, offering operations with cryptocurrency, including bitcoin, and various mobile payment services to customers.

No information on the terms of the deal are available yet.

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