NYK takes lead role in new crew payment system

NYK takes lead role in new crew payment system
Malcolm Latarche 30 July 2019 https://shipinsight.com/articles/nyk-takes-lead-role-in-new-crew-payment...

In collaboration with Accenture, a financial services digitalisation specialist and financial services organisation Citi, Japanese ship operator NYK plans to form a world-class and highly secure platform contributing to enhance the lives of seafarers and their families.

The three organisations have formed MarCoPay, 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 on board 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 are 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 they can obtain further 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. NYK believes MarCoPay will transform into a global platform which will support the lives of seafarers and their families around the world.