DP World has signed a memorandum of understanding with PayPal to collaborate on a digital payments initiative designed to simplify and speed-up cross-border trade.
The global ports operator said the agreement could see transactions executed in minutes, rather than taking up to a week.
It added that the digital payments initiative would enable international merchants, shippers, exporters and importers to complete cross-border payments with greater transparency, lower costs and faster settlement times.
Sultan Ahmed bin Sulayem, DP World group chairman and chief executive, 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.”
Paypal CEO Alex Chriss added: “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.”
