Daimler Buys PayCash, Boosts Mobile Payments

Daimler Financial Services, the financial branch of the Germany-based Daimler AG, parent company of car manufacturer Mercedes-Benz, announced recently that it will be acquiring Luxembourg-based mobile payments solutions and eWallet technology provider PayCash Europe for an as-of-now undisclosed sum.

Daimler Group said that it will use the acquisition of PayCash to develop and build its own electronic payment service, building upon PayCash Europe’s existing platform.

Dubbed Mercedes pay, the mobile payment method will be incorporated into the Daimler Mobility Services branch, which includes car-share venture Car2Go and European mobile taxi application mytaxi.

Bodo Uebber, member of the board of management at Daimler Financial Services, 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.”

In 2016, Daimler says its financial services branch Daimler Financial Services AG had more than 4 million financed vehicles in its portfolio. The company plans 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, 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, 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.”