Virtual payments for seafarers

(Posted on 18/05/20)

Maritime Payment Solutions, LLC, a global, industry-leading provider of payment solutions for maritime companies, has announced the introduction of ShipMoney Virtual Cards and the Transfer Marketplace, two new services designed to expedite payments to crew members and their families while providing a broad range of remittance options. ShipMoney’s Virtual Card solution utilises Visa’s virtual card technology, which enables crew members to immediately access their wages from anywhere in the world while onboard or at home, directly from the ShipMoney App.

ShipMoney Virtual Cards essentially provide the same feature functionality as a physical Visa card, allowing seafarers to send money, initiate mobile top-ups and card-to-card transfers, as well as shop online and use their ShipMoney Virtual Cards with mobile wallets. Crew members also have the option of obtaining a physical card and companion cards for family and friends.

Stuart Ostrow, President of ShipMoney, said: “We are all deeply concerned about the struggles seafarers are facing and are doing everything possible to help them and their families during this crisis. 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."

Mr. Ostrow added: “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.”

A second feature being introduced by ShipMoney is the Transfer Marketplace, a proprietary online platform that enables seafarers to directly access multiple remittance partners before sending money, comparing fees, costs, and delivery times, and highlighting the least expensive option.

Added Mr. Ostrow: “Our objective at ShipMoney is to provide the tools maritime companies need to not only address the current global challenge, but to equip them to thrive in a virtual tomorrow. Empowering these companies and their crew is essential to our mission.”