Mitsui O.S.K. Lines (MOL) has announced its decision to implement MarTrust, a digital payment service for seafarers onboard vessels.
ccording to MOL, this service will provide a portion of payroll through electronic payment methods on mobile applications. MOL intends to make MarTrust available to all eligible seafarers by 2024. With the introduction of MarTrust, seafarers will be provided with an e-wallet account and an international branded debit card, enabling them to transfer funds to bank accounts and between e-wallets using a mobile application. This service also allows for cash withdrawals from ATMs worldwide.
Paychecks via mobile application
Previously, a portion of seafarers’ salaries was paid in cash onboard vessels, which had to be remitted to their designated recipients through their manning company. This process was subject to limitations on where the money could be sent, and it often took about a month for the funds to be transferred.
With the introduction of this new technology MOL hopes to ensure that seafarers can receive their cash paychecks via a mobile application and send the money directly to their chosen recipients within a few days.
Widely accepted debit card
Additionally, some seafarers may not have internationally accepted credit cards, which can result in restrictions on online shopping and necessitate cash payments at ports of call, leading to inconveniences related to currency exchange. According to MOL, MarTrust’s accompanying debit card is widely accepted, facilitating online shopping and purchases at various ports.
Furthermore, the transition to digital payment methods streamlines the process of managing income and expenditures onboard vessels, reducing the responsibility on the captain’s shoulders and eliminating the risk of lost cash.