Daimler Financial Services (Daimler FS) has entered the ePayment business with­­­ the acquisition of electronic payment services provider PayCash Europe SA.

As a result, Paycash Europe will become the electronic payment system provided by Daimler Group, and will operate under the brand ‘Mercedes Pay’.

The launch of Mercedes pay was described as a fundamental component of the company’s mobility and digilitazation strategy by Bodo Uebber, member of the board of management of Daimler responsible for Finance & Controlling and Daimler Financial Services.

Although the full details of what Mercedes pay will offer have not been revealed at this time, Daimler FS said it would allow payments to be made on-the-go via mobile devices. 

Mercedes pay will be integrated into Daimler FS’s subsidiary, Daimler Mobility Services, which already looks after a number of mobility services, such as Daimler’s car-sharing platform car2go.

Klaus Entenmann, chairman of the Board at Daimler Financial Services 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.”

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By GlobalData

The financial details of the acquisition were not revealed.