Japanese shipowner NYK has formed a joint venture with Philippines-based Transnational Diversified Group (TDG) to launch the electronic money platform MarCoPay.
MarCoPay — derived from Maritime Community — 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.
Collaborating with Accenture and financial services company Citi, NYK plans to form a secure platform which will make the lives of seafarers and their families easier.
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.
NYK explained that with MarCoPay, the company aimed to contribute to an environment in which foreign seafarers can obtain further favorable conditions for bank loans and insurance coverage with the new electronic money platform.
Believing in MarCoPay’s potential to transform into a global platform, the company plans to expand the network in which MarCoPay can be used by shipowners and ship-management companies outside of NYK, continue to add new functions, and collaborate with diverse retailers and service providers.