PayPal, UAE's DP World sign MoU to speed digital payments
Under the agreement, international transactions are expected to be executed in minutes rather than take up to a week.
UAE-headquartered logistics firm DP World and US-based fintech PayPal have signed a memorandum of understanding to roll out a digital payments initiative to simplify and speed up cross-border payments and trade, the Emirati state news agency WAM reported Friday.
What happened: Under the agreement, international transactions are expected to be executed in minutes rather than take up to a week.
The initiative will enable international businesses, exporters, importers, marketplaces and shippers to complete cross-border payments with greater transparency, lower costs and faster settlement times, WAM reported.
"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," DP World Group chairman and CEO Sultan Ahmed bin Sulayem said in a statement, adding that the company’s partnership with PayPal forms part of its effort to offer customers secure and dependable cross-border payment options that are quicker and more transparent than traditional systems.
