DP World and PayPal partner to speed up cross-border trade payments

DP World has signed a memorandum of understanding with PayPal to develop a digital payments initiative aimed at simplifying and accelerating cross-border trade transactions.

The global ports operator said the partnership could reduce payment processing times from several days to just minutes, giving merchants, shippers, exporters and importers faster and more transparent access to international transactions at lower cost.

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 chief executive 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.”