With technologies evolving, many are the shipping stakeholders that are opting for digital currency to ease both seafarers and the economic transactions.
Specifically, following the path of digitalization, Maritime Payment Solutions, LLC (d/b/a ShipMoney), launched virtual cards which will expedite payments to crew an their families.
Referring to this step, Stuart Ostrow, President of ShipMoney, stated that “We are all deeply concerned about the struggles seafarers are facing and are doing everything possible to help them and their families during this crisis … Money is rapidly placed in the hands of crew and their families at a time when they urgently need it.”
Digital payment has been at the spotlight, as many are the shipping companies opting for an easier way to transact money with seafarers. For instance, 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.
