Daimler Financial Services, the automotive financial services division of auto maker Mercedes’ parent Daimler, acquired mobile payments company PayCash for an undisclosed sum.
Luxembourg-based PayCash provides mobile payment services, Bitcoin wallet technology and electronic cash systems across Europe. Daimler plans to leverage PayCash’s expertise to launch an e-wallet branded Mercedes Pay, which customers can use to pay for services including cab booking app mytaxi and vehicle sharing company car2go.
Daimler Financial Services currently offers credit services, leasing, fleet management and investment products. The company is yet to confirm its plans for the PayCash business beyond the launch of its Mercedes-branded payment app.
Bodo Uebber, the Daimler board member responsible for finance and controlling and Daimler Financial Services, said: “Mercedes pay is a fundamental component of our mobility and digitisation 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.”
The acquisition is the second purchase of a mobile payments provider by a large automotive brand so far this year, following Volkswagen’s acquisition of parking payments app PayByPhone in early January.