MITSUI O.S.K. Lines is introducing MarTrust – a payment service that is specialised for ocean shipping – for all seafarers on vessels managed by MOL Group’s ship management companies.
MOL said in introducing the system, it was aiming to improve seafarers’ quality of life by providing a portion of payroll through electronic payment services.
MarTrust is an international payroll remittance service for seafarers, developed by the Dubai-based Marcura Group.
With the introduction of MarTrust, seafarers will be given an e-wallet account and an international branded accompanying debit card, allowing them to transfer to bank accounts and between e-wallets through a mobile application.
It also supports cash withdrawals from ATMs almost anywhere in the world so that payments received electronically can be converted to cash.
Seafarers’ salaries are required by international convention to be paid into a bank account, but a portion of their salary is received onboard the vessel, and this portion has been paid in cash.
When remitting salaries received in cash to relatives and others, the remittance procedures had to be completed through the seafarer’s manning company. There were restrictions on where the money could be sent, and it could take up to a month for the money to be transferred, according to MOL.
With the introduction of MarTrust, seafarers will be able to receive their cash paychecks on a mobile application and send the money directly to the payee of their choice in a matter of days.
Receiving all cash payments on the mobile application also eliminates the risk of lost cash.
From April to July 2023, MOL conducted trials of MarTrust on its group company-managed vessels, and the decision to fully introduce the service was based on the many comments from seafarers who participated in the trials on the need for the service, as well as its benefits.