DAIMLER Group will launch its own electronic payment services provider under the “Mercedes pay” brand name after Daimler Financial Services’ announcement that it is acquiring the electronic payment services provider PayCash Europe to gain a foothold in the ePayment business.

Bodo Uebber, member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services, said: “Mercedes pay is a fundamental component of our mobility and digitization 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 parties agreed not to disclose the details of the acquisition.

Klaus Entenmann, chairman of the board of Daimler Financial Services AG, 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 once, 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.”

Mercedes pay will be integrated into Daimler Mobility Services GmbH, a subsidiary of Daimler Financial Services, and incorporates a number of different mobility services, including the market leader in car-sharing, car2go, and the mytaxi taxi app, which operates in nine European countries.

In 2016, Daimler Financial Services AG had more than four million financed 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.