Nippon Yusen Kaisha (NYK) partnered with Philippines-based conglomerate Transnational Diversified Group to present an electronic money platform in favour of seafarers, called ‘MarCoPay’, adapting features of Accenture and Citi. The smart platform, located in Manila, is equally owned by NYK and TDG.
NYK amongst other technology innovations, is aiming to make seafarers’ life easier and efficient by digitalizing their currency.
The platform was established on July 22, 2019 and is scheduled to be launched in January 2020.
NYK highlights that the name ‘MarCoPay’ comes from Maritime Community.
Overall, MarCoPay is an electronic money platform designed mainly for seafarers hired outside Japan to make digital settlements with QR codes, international remittances and to withdraw cash on a smartphone app. The seafarers will be able to receive salaries and purchase supplies onboard the vessel or go cashless and send their salary to their families; Either way, the seafarers will be able to withdraw cash from ATMs from anywhere in the world.
NYK plans to offer the platform to other shipowners and shipmanagement companies around the world.
Despite technological development in the shipping industry, the majority of seafarers are paid in cash or have their wage transferred into their bank account. Since the seafarers come from various bakcrounds, many times they have to transfer their money from one country to another. On the contrary, digital cash gives them the opportunity to track and spend their salary.
