MarCoPay, a joint venture operated by Japanese shipping company NYK and the Transnational Diversified Group (TDG) in the Philippines, has commenced operation of shipboard digital currency payments using its newly developed fintech platform.
The MarCoPay system is now being used to manage onboard digital purchases of daily necessities on a number of vessels, on a selection of NYK ships as well as those operated by other companies.
NYK and TDG say that they will continue with preparations for a full launch of the service following the results of these initial experiences, with services include the transmission of funds overseas to crews’ family members by international remittance.
The ultimate goal of the system is to enable full cashless operations on board, which will require expanding the network in which MarCoPay can be used by shipowners and ship management companies outside NYK, the partners said.
Development of the fintech platform forms part of NYK’s ‘Staying Ahead 2022 with Digitalization and Green’ management plan.