ShipMoney has introduced two new maritime digital payments services to assist shipping companies and their crews in making payments and remitting money online – Virtual Cards and a Transfer Marketplace platform.
The Virtual Card system utilises Visa’s virtual card technology, and aims to enable crews to immediately access wages from anywhere in the world, onboard or at home, directly from the ShipMoney App.
The Virtual Cards provide similar feature functionality as a physical Visa card, allowing seafarers to send money, purchase mobile top-ups, make card-to-card transfers, and shop online. Crew members also have the option of obtaining a physical card, as well as companion cards for family and friends on the same account.
The Transfer Marketplace is an online platform that enables seafarers to directly access multiple remittance partners before sending money, so they can easily compare fees, costs, and delivery times, and highlight the least expensive option.
“Our Virtual Card solution and Transfer Marketplace provide efficient and cost-effective ways for companies to pay their crew in real-time, enabling them to disburse wages at more frequent intervals. Money is rapidly placed in the hands of crew and their families at a time when they urgently need it,” said Stuart Ostrow, President of ShipMoney.
“As the industry moves away from cash-to-master and is searching for digital solutions, the COVID-19 pandemic has markedly accelerated interest in card and digital payments. The trend is underscored by GAC’s announcement last week of the suspension of cash-to-master services in Singapore.”
“Our Virtual Card solution is easily implemented, scalable across the globe and offers significant cost savings compared to how the industry currently administers crew wages via cash-to-master and wire payments sent to home bank accounts.”