DP World has signed a memorandum of understanding with PayPal to collaborate on a cross-border digital payments initiative.
The agreement could see transactions “executed in minutes rather than taking up to a week,” enabling international merchants, shippers, exporters, importers, and marketplaces to complete cross-border payments more efficiently.
Sultan Ahmed bin Sulayem, DP World group chairman and CEO, said the first-of-its-kind collaboration aims to enable businesses operate more efficiently across markets.
“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,” bin Sulayem said.
Through the initiative, DP World will work with an ecosystem of licensed companies and partners to deliver compliant, technology-driven payment solutions.
The collaboration with PayPal forms part of the initiative, aiming to provide customers “with reliable options for cross-border payments that are faster, and more transparent, than traditional systems without compromising security,” 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,” he added.
Alex Chriss, president and CEO of global commerce platform, PayPal, stated: “Global trade works best when payments are fast, transparent, and secure. That is exactly what this partnership with DP World is delivering.”
DP World’s Digital Payments initiative also aims to work with distributed ledger technologies and stablecoin-based solutions, alongside licensed payment providers.
