MarTrust to Design New E-Wallet for Seafarers
The MarTrust e-wallet and card is a novel payment system that enhances crew welfare and helps ship owners and operators retain staff.
FREMONT, CA: The disruption caused by the COVID-19 epidemic to day-to-day operations has intensified the demand for digital solutions to improve shipboard operational and management systems, particularly for paying cash to personnel and settling on board debts. E-wallets and cards are a next-generation payment solution that dramatically enhances crew wellbeing and assists ship owners and operators increase retention. MarTrust, the world's largest provider of maritime payment solutions and a subsidiary of Marcura, has come up with a new e-wallet and card, a next-generation payment solution for the maritime industry that streamlines the payroll process for ship owners. This enables crews to be paid more quickly than they would through regular banking channels while also giving them complete control over their finances and online purchases with lower risks and transaction costs. The ability to quickly transfer money to whomever they need at any time - most importantly, to provide much-needed financial help back to their families—will reduce some of the financial strains associated with extended periods at sea, boosting their welfare and wellness.
Speaking about the new e-wallet, Errikos Andreakos, Chief Commercial Officer of MarTrust, says, “Seafarers have experienced unprecedented hardships over the past 18 months, stranded on board their vessels for significant periods without being able to get home. However, our new e-wallet and debit card at least now ensures that they can get much-needed funds back to their families quickly and securely, and with no annual fees and at reduced FX rates. This can make a significant difference to improving crew welfare at a time of real challenge for all seafarers, driving retention for ship owners and operators.”
MarTrust’s e-wallet and corporate card also significantly lower the Cash-to-Master (CTM) requirement; hence the quantity of cash required onboard a vessel for ship owners and operators. This reduces the asset’s and crew’s security risk while also significantly improving working capital. Digitalizing and streamlining the payroll and CTM processes significantly reduce costs and time, assures compliance, and protects online transactions using cutting-edge 3D, industry-grade security features.