DP World, a Dubai-based global logistics and port operator, has signed a MoU with PayPal to develop a digital payments initiative aimed at streamlining cross-border trade.
The agreement could allow transactions to be completed in minutes, rather than taking up to a week, and forms part of DP World’s efforts to create a secure and scalable system for digital payments.
The initiative will enable international merchants, shippers, exporters, importers, and marketplaces to complete cross-border payments with increased transparency, reduced costs, and faster settlement times.
Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, said:
“In logistics, speed and transparency mean everything and payments linked to logistics are no different, which is why we have undertaken our Digital Payments initiative. 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.”
Alex Chriss, President and CEO of PayPal, commented:
“For too long, global businesses have been underserved by traditional cross-border payment systems. Today, we are setting a new standard. 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.”
Featured image credit: DP World
