NYK heralds world’s first onboard use of digital currency

The world’s first onboard use of digital currency has occurred through the MarCoPay fintech platform, which is operated by Japan’s Nippon Yusen Kaisha (NYK) and the Philippine-owned Transnational Diversified Group (TDG).

Using MarCoPay, onboard purchases of daily necessities have been done digitally on a number of vessels, including those operated by other companies, and even in an unstable onboard communication environment.

NYK and TDG said today they continue to prepare for a full launch, which will include the transmission of funds overseas to family members, by improving the efficiency of digital settlements and international remittances, promoting cashless operations onboard, and expanding the network in which MarCoPay can be used by shipowners and shipmanagement companies outside NYK.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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