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NYK establishes electronic payment platform for seafarers

Image courtesy of NYK Image courtesy of NYK

NYK has formed a joint venture with Philippines-based Transnational Diversified Group (TDG) to launch electronic money platform “MarCoPay” for seafarers.

{mprestriction ids="1,2"}MarCoPay is an electronic money platform designed mainly for seafarers hired outside Japan to make digital settlements with QR codes, international remittances and withdraw cash on a smartphone app.

By using MarCoPay to receive their salaries and purchase daily supplies on ships, crew members can go cashless onboard and send money to their home countries and withdraw cash from ATMs anywhere in the world.

While foreign seafarers generally earn more than the average population in their home countries, they’re often not fully recognised and valued socially and economically. This attributes to the state of development the financial infrastructure and local credit systems in their countries are in, as well as their unique term contract. MarCoPay aims to contribute to an environment in which seafarers can obtain favourable conditions for bank loans and insurance coverage with this new electronic money platform.

NYK plans to expand the network in which MarCoPay can be used to shipowners and ship-management companies outside of NYK, continue to add new functions, and collaborate with diverse retailers and service providers.

Find out more via this video {/mprestriction}

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