Daimler Financial Services AG is acquiring the electronic payment services provider PayCash Europe SA for an undisclosed amount.

Klaus Entenmann, chairman of the board of management, Daimler Financial Services AG

Daimler said the deal would enable it to gain a foothold in the ePayment business, enabling it to launch its own electronic payment services provider under the “Mercedes pay” brand name.

‘Mercedes pay’ will be integrated into the Daimler Mobility Services GmbH subsidiary and incorporates a number of different mobility services, including the car2go car-sharing scheme and the mytaxi taxi app, which operates in nine European countries.

Klaus Entenmann, chairman of the board of management of Daimler Financial Services AG, said: “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, 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.”