Nippon Yusen Kaisha (NYK) has formed a joint venture with Philippines-based conglomerate Transnational Diversified Group to launch an electronic money platform for seafarers called MarCoPay, a new venture that also features Accenture and Citi. The Manila-based platform will be owned 50:50 between NYK and TDG.
MarCoPay is an electronic money platform designed mainly for seafarers hired outside Japan to make digital settlements with QR codes, international remittances and to 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.
NYK plans to to offer the platform to other shipowners and shipmanagement companies around the world.
Neat idea, long overdue!