Daimler Financial Services buys PayCash Europe

Daimler Financial Services muscles into the e-payments space

Daimler Financial Services is acquiring e-payments services provider PayCash Europe, based in Luxembourg.

This will enable Daimler to launch its own e-payments service under the Mercedes Pay brand.

Bodo Uebber, head of Daimler Financial Services, describes Mercedes Pay as a “fundamental component of our mobility and digitisation strategy”.

Klaus Entenmann, chairman of Daimler Financial Services, adds that customers will benefit from this move, as they “will only need to provide their payment details one time [using PayCash’s e-wallet function], to be able to use a range of services”.

Mercedes Pay will sitting in the Daimler Mobility Services business line, which also includes car-sharer car2go and the mytaxi taxi app (operating in nine European countries).

PayCash Europe was set up in 2012. In addition to mobile payment services, it also focuses on cryptocurrencies, such as Bitcoin.



[Source:- Bankingtech]