DP World, Paypal to collaborate on cross-border digital trade payments

DP World's Digital Payments initiative will enable merchants, shippers, exporters, importers, and marketplaces to complete cross-border payments with greater transparency, lower costs, and faster settlement times

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DP World has signed a Memorandum of Understanding with global commerce platform PayPal to collaborate on a first-of-its-kind digital payments initiative designed to simplify and speedup cross-border trade.

The agreement, which could see transactions executed in minutes rather than taking up to a week reflects DP World's continued commitment to creating a secure and scalable marketplace for digital payments.

"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," Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, said.

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."

Meanwhile last month DP World has teamed up with Emirates Development Bank (EDB), signing a Memorandum of Understanding to provide small and medium-sized enterprises (SMEs) access to trade financing through DP World's trade finance platform.