DP World has signed an agreement with global commerce platform PayPal to collaborate on a first-of-its-kind digital payments initiative designed to simplify and speed-up 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, said DP World in a statement. 

 

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

 

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

 

"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.

 

PayPal President and CEO Alex Chriss 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," observed Chriss.

 

By combining DP World’s global supply chain expertise with PayPal’s trusted and secure payments infrastructure, the platform is designed to reduce friction in international trade and support businesses with greater efficiency and confidence, he added.-TradeArabia News Service