PayCash Europe SA will become the electronic payment system for services provided by the Daimler Group, under the new ‘Mercedes pay’ brand name
‘Mercedes pay’ enables payments ‘on the go’ with a smartphone
Bodo Uebber, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services: “‘Mercedes pay’ will be a central component of Daimler’s mobility and digitization strategy.”
Stuttgart – Daimler Financial Services AG is acquiring the electronic payment services provider PayCash Europe SA. The parties agreed not to disclose the details of the acquisition. By gaining a foothold in the ePayment business, Daimler AG will be launching its own electronic payment services provider under the ‘Mercedes pay’ brand name. Bodo Uebber, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services: “‘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 be integrated into Daimler Mobility Services GmbH, a subsidiary of Daimler Financial Services that incorporates a number of different mobility services including the market leader in car-sharing, car2go, and the mytaxi taxi app, which operates in nine European countries. In 2016, Daimler Financial Services AG had more than four million financed vehicles in its portfolio for the first time. It is planned to use the new payment system to facilitate these and other financing transactions in the future. Klaus Entenmann, Chairman of the Board of Management of Daimler Financial Services AG: “Our philosophy is to provide ‘Mobility at your fingertips’. ‘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. This is made possible by the “eWallet”, a virtual source of payment. PayCash Europe SA is a financial institution that is regulated by the Luxembourg banking authority, with a license for electronic cash. The ePayment company, which was founded in 2012, also offers solutions for cryptocurrencies such as Bitcoin and eWallet systems in addition to mobile payment services.