Daimler Financial Services buys bitcoin friendly PayCash

Announcements | January 25, 2017 By:

Daimler Financial Services announced that it will be acquiring Luxembourg-based mobile payments solutions and eWallet technology provider PayCash Europe for an undisclosed sum.

According to an announcement in one of the automotive magazines, Daimler Financial Services AG will be introducing its own payment service called Mercedes Pay. The acquisition of PayCash Europe will help Daimler build upon the platform’s existing infrastructure.

PayCash Europe is one of the few payment processing services to support Bitcoin. In addition to bitcoin, it also supports all leading credit and debit cards, Sofort, PayPal, AliPay, SEPA and more. The company’s services are being availed by a range of businesses including digital marketplaces, crowdfunding platforms, and e-commerce sites.

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