The amount of the deal was not disclosed.
With the transaction, PayCash Europe will become the electronic payment system for services provided by the Daimler Group under the new “Mercedes pay” brand, which enables payments on-the-go with a smartphone. “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.
Founded in 2012, PayCash Europe provides mobile payment services as well as solutions for cryptocurrencies, such as Bitcoin and eWallet systems. It is a financial institution regulated by the Luxembourg banking authority with a license for electronic cash.