Mercedes Pay – The Driving Force Behind Payments
Are you curious about the innovations that the collection of data will bring us in the future? Mercedes Pay can explain their story, as they have been the new electronic payment processor for all products and services provided by the Daimler Group since January 2017.
It all started when Jan Reinhart and Jürgen Wol launched PayCash in 2011. Not just another payment processor, no, they took it a lot further than that. Thanks to the development of a broad range of valuable services, PayCash conquered a strong position in the European FinTech and Payment Industry.
Alongside credit card payments and processing transactions from almost every alternative payment method, PayCash also developed a Bitcoin POS solution, a Mobile application, a Mobile Payment Solution for all cashier systems and, finally, a loyalty program through prepaid gift cards and vouchers. All the while, the automotive industry has kept evolving and ‘in-vehicle’ payment solutions have become an undeniable fact to stay ahead of the competition.
“in-vehicle payment solutions have become an undeniable fact to stay ahead of the competition”
Two possible options
Now acknowledge what has been described above and think of two possible options for an established car brand. Option 1: partner up with a payment processor and make sure all your transactions are handled without any difficulties. This is the easy option, right? Option 2 is more complex: Merge with a payment provider, start processing all the transactions yourself, and see how you create a more interesting future than any of your competitors in the car industry can offer. That’s exactly what Daimler thought when it bought PayCash in January 2017.“Payments are fun and all, but it’s the data you can collect from payments that will bring you so much more.”
“Payments are fun and all, but it’s the data you can collect from payments that will bring you so much more.”
This was also the moment that PaymentGenes realised it was ready to expand to another market, one where Payments and FinTech were clearly already up and running; Luxembourg. The Daimler Group acquisition of PayCash happened recently, and they were right at the beginning of a growing, and promising future. That’s when the partnership between Mercedes Pay and PaymentGenes began.
Almost one year later, we are very proud that we have been able to prove our expertise several times, and once again have made a high-level placement. We wish our new placement a wonderful and very successful time ahead. After our extensive contact, we are more than certain that he will do a terrific job and be of great added value to the vibrant future of Mercedes Pay.