Daimler Financial Services has announced plans to acquire Luxembourg-based electronic payment services provider PayCash Europe for an undisclosed sum.

PayCash Europe, set up in 2012, provides solutions for cryptocurrencies including bitcoin and e-wallet systems, as well as mobile payment services.

The acquisition paves the way for the launch of Daimler’s own electronic payment system that will operate under the name “Mercedes pay”.

Mercedes pay will be integrated into Daimler Mobility Services, which includes car-sharing venture car2go, and mytaxi taxi app that operates in nine European countries. Plans are also on to use the new system across Daimler’s vehicle financing franchise in the future.

Daimler Financial Services board of management chairman Klaus Entenmann 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.”