Image: WAM
DP World has signed a memorandum of understanding (MoU) with global commerce platform PayPal to develop a digital payments solution aimed at simplifying and accelerating cross-border trade.
The initiative, part of DP World’s broader Digital Payments programme, is designed to allow merchants, marketplaces, shippers, exporters, and importers to complete international transactions faster and with greater transparency.
The system could reduce settlement times from several days to minutes, according to the company.
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. By simplifying global transactions, we are enabling businesses of every size to grow, move faster, and operate more efficiently across markets.”
“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 added.
Cross-border payments key to global trade, says PayPal CEO
Alex Chriss, president and CEO of PayPal, said: “Global trade works best when payments are fast, transparent, and secure. 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. 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.”
DP World said the collaboration combines its global supply chain expertise with PayPal’s payments infrastructure to reduce friction in international trade and enhance efficiency for businesses.
The company added that its Digital Payments initiative leverages technologies such as distributed ledger systems and stablecoin-based solutions through licensed payment partners, in line with applicable regulatory frameworks.
Read: PayPal’s Suzan Kereere on the company’s growing presence in the Middle East
