Cryptocurrency service provider Crypto.com has signed a memorandum of understanding with Dubai Duty Free, a retailer operating in Dubai International Airport, Al Maktoum International Airport and online, to explore enabling crypto payments.
Having penned the new agreement, Crypto.com will look to offer crypto payments at Dubai Duty Free both in-store and online, in a move to offer travellers more diverse payment options.
Eric Anziani, president and COO, Crypto.com, said: “We’re delighted to complete the signing of this important memorandum of understanding with Dubai Duty Free. As we continue to expand the everyday use case for crypto, integration with exceptional partners such as Dubai Duty Free will bring real momentum to the digital asset industry and enable both companies to offer genuine innovative finance solutions for our customers. We look forward to working together as we continue to build our crypto offering in the GCC.”
This move comes after Dubai Duty Free’s strong performance in the first half of the year, where it recorded a turnover of AED 4.118 billion ($ 1.128 billion), representing a 5.34 per cent increase compared to the same period last year.
Now, it says that its plans to accept cryptocurrency mark more than just a new way to pay; instead, representing a step toward enhancing the future of travel retail. By bringing together convenience, security, and innovation, the airport shopping experience is poised to become more dynamic.
Looking to the future, both parties plan to begin feasibility studies and detailed planning to bring crypto payment solutions to life and roll out collaborative initiatives under the memorandum of understanding.
Introducing crypto into the travel experience
Introducing crypto payments will help Dubai Duty Free cater to a wider spectrum of customer preferences while staying firmly aligned with the UAE’s vision of fostering innovation and driving digital transformation across both retail and financial sectors.
“Our focus is on developing a comprehensive and exceptional suite of products for our customers, which leverage the potential of digital finance and drive expansion of this critical sector,” added Alain Yacine, president of Middle East at Crypto.com.”Signing a memorandum of understanding with Dubai Duty Free will provide us a platform to achieve this with an exceptional partner in the region, and we’re thrilled at the prospect of working with them on this venture.”
Over the years, Dubai Duty Free has embraced solutions like Alipay and TerraPay, and through its partnerships with leading payment providers, it is building an ecosystem that reinforces its reputation as an innovator in global travel retail.
Ramesh Cidambi, managing director of Dubai Duty Free, commented: “As a global hub welcoming millions of travellers, Dubai Duty Free continually seeks to enhance the retail experience. We believe that embracing digital currency payments, such as cryptocurrency, is a forward-looking step that will add significant value for our diverse customer base and support our vision for sustained growth.”
Source: https://thefintechtimes.com/
