Daimler Financial Services AG announced it will acquire the electronic payment services provider PayCash Europe SA, an e-payment company which offers solutions for cryptocurrencies, according to a press release. By gaining a foothold in the e-payment business, Daimler AG will be launching its own electronic payment services provider under the "Mercedes pay" brand name.

PayCash Europe SA is a financial institution that is regulated by the Luxembourg banking authority with a license for electronic cash. The e-payment company, which was founded in 2012, also offers solutions for cryptocurrencies, such as bitcoin and e-wallet systems, in addition to mobile payment services.