NYK establishes Electronic Payment Platform for Seafarers

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Posted By: webmaster 20-Sep-2019

Nippon Yusen Kaisha (NYK) in collaboration with Accenture and CITI, and a joint venture with Transnational Diversified Group (TDG) developed MarcoPay for seafarers.

Software, Big Data & IoT reports in Digital Ship: “NYK has formed a joint venture with Philippines-based TDG to launch electronic money platform MarCoPay for seafarers. 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 recognized and valued socially and economically. This attributes to the state of the financial infrastructure and local credit systems in their countries are in, and their unique term contract. MarCoPay aims to contribute to an environment where seafarers can obtain favorable conditions for bank loans and insurance coverage with an electronic money platform. NYK plans to expand the network where MarCoPay can be used by shipowners and ship-management companies outside NYK, add new functions, and collaborate with diverse retailers and service providers.”

Safety4Sea reports, “NYK, amongst other technology innovations, is aiming to make seafarers’ life easier and efficient by digitizing their currency. The platform was established on 22-July-2019 and will be launched in January 2020. NYK highlights that the name MarCoPay comes from “Maritime Community.” NYK plans to offer the platform to other shipowners and ship-management companies around the world. Despite technological development in the shipping industry, the majority of seafarers is paid in cash or has their wage transferred into their bank account. Since seafarers come from various backgrounds, 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.”

Sources:

  • Software, Big Data & IoT, “NYK establishes electronic payment platform for seafarers,” Digital Ship, 01-August-2019.
  • Safety4Sea, “NYK to launch digital payment for seafarers,” 26-July-2019.
  • NYK Line News, “NYK Establishes “MarCoPay,” an Electronic Money Platform Business to Expand Globally,” 25-July-2019.