Mitsubishi group e-wallet targets Filipino seafarers as deployment 'normalizes'

Mitsubishi group e-wallet targets Filipino seafarers as deployment 'normalizes'
Warren de Guzman Apr 06 2022 https://news.abs-cbn.com/business/04/06/22/mitsubishi-group-targets-pino...

MANILA - Mitsubishi Group's partner MarCo Pay, or Maritime Community Pay, is looking to onboard 400,000 Filipino seafarers with its e-wallet, the company said Wednesday.

Established in 2019 and commercially launched last year, MarCo Pay said it is the first e-wallet to specifically target Filipino seafarers with financial services such as investments, loans, payments, and others.

MarCo Pay president and CEO Toshioka Fujioka said the deployment of Filipino seafarers is showing signs of normalizing.

“We are observing deployment going back to pre-pandemic level, as restrictions are being lifted. We are seeing more improvement for now,” Fujioka said.

The company's partners include Japan's Marubeni, Mitsubishi UFJ Financial Group, and NYK, as well as the Filipino Transnational Diversified Group or TDG.

MarCo Pay is one of 38 Non-Bank electronic money issuers or e-wallets registered with the Philippine Central Bank, based on data as of December 31, 2021.

Fujioka said they have over 7,000 active users of the MarCo Pay app, and they fully expect the user base to expand.

“Our seafarers using our services during onboard, the internet connection, condition, is totally far from what we are seeing on the shore. So to achieve optimization of the app, that is one of the challenges.”

A user of the MarCo Pay App, Chief Mate Calen Cabading, said other popular e-wallets available in the Philippines are also utilized by seafarers for remittance purposes, including himself.

"Yes, I am using such kind of e-wallet. However, as mentioned this is the only application that is targeting or specifically tailor-fit for seafarers. Features like applying for a loan, salary loan, home allotment, and you are able to send it immediately.”

The MarCo Pay App has partnerships with BDO, BPI, GCash, PayMaya, GrabPay, and several pawnshops for remittances and cash transfer purposes as well as lending and investment activities and other payment services.

Fujioka says they are also looking to expand, and are open to new partnerships.