Daimler Financial Services is acquiring the electronic payment services provider PayCash Europe. By gaining a foothold in the ePayment business, the automaker will be launching its own electronic payment services provider under the 'Mercedes pay' brand name.

Mercedes pay is a fundamental component of our mobility and digitisation strategy. The 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," said Bodo Uebber, head of Daimler Financial Services. The parties agreed not to disclose the details of the acquisition.

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Daimler Financial services chairman Klaus Entenmann said: 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 services. This is made possible by the eWallet function, a virtual source of payment."

Mercedes pay will be integrated into Daimler Mobility Services which incorporates a number of different mobility services, including car-sharer car2go and the mytaxi taxi app, which operates in nine European countries. In 2016, the finance units had more than four million vehicles in its portfolio for the first time in the company's history. The company plans to use the new payment system to facilitate these and other financing transactions in the future.

PayCash Europe is a financial institution regulated by the Luxembourg banking authority with a licence for electronic cash. The ePayment company, founded in 2012, also offers cryptocurrencies systems, such as Bitcoin and eWallet, in addition to mobile payment services.

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