DP World has signed a Memorandum of Understanding (MOU) with PayPal to collaborate on a first-of-its-kind digital payments initiative designed to simplify and speed up cross-border trade.
The ports operator said on Friday that the agreement, which could see transactions executed in minutes rather than taking up to a week, reflected its commitment to creating a secure and scalable marketplace for digital payments.
The DP World’s Digital Payments initiative will enable international merchants, shippers, exporters, importers and marketplaces to complete cross-border payments with greater transparency, lower costs and faster settlement times.
DP World Group chairman and CEO, Sultan Ahmed bin Sulayem, said speed and transparency meant everything in logistics and payments were no different.
“Our collaboration with PayPal is part of this initiative, which aims to provide our customers with reliable options for cross-border payments that are faster and more transparent than traditional systems without compromising security. By simplifying global transactions, we are enabling businesses of every size to grow, move faster, and operate more efficiently across markets,” bin Sulayem said.
“This solution marks another important step in DP World’s journey to transform the supply chain and make trade flow more efficiently. These partnerships allow us to bring trusted, digital-first solutions to global commerce, helping businesses and individuals trade more efficiently,” he said.
PayPal president and CEO Alex Chriss said global trade worked best when payments were fast, transparent and secure, and the latest initiative was “setting a new standard”.
“That is exactly what this partnership with DP World is delivering. For too long, global businesses have been underserved by traditional cross-border payment systems,” Chriss said.
“I am proud to mark this milestone in a region that is becoming a global hub for digital innovation, as we continue building more connected and inclusive financial services for businesses worldwide.”
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