Dubai Duty Free explores crypto payments through MoU with Crypto.com

Image: Dubai Media Office

Dubai Duty Free has signed a Memorandum of Understanding (MoU) with Crypto.com, a global provider of cryptocurrency services, to explore the integration of crypto payments and develop collaborative digital initiatives. The agreement is part of Dubai Duty Free’s broader strategy to enhance customer convenience and lead innovation in the travel retail sector.

The MoU outlines a framework for introducing cryptocurrency as a payment option across Dubai Duty Free’s in-store and online platforms. It also opens opportunities for both entities to collaborate on strategic partnerships, joint marketing campaigns, and customer engagement initiatives that leverage the capabilities of each brand.

The MoU was signed at Emirates Headquarters by Ramesh Cidambi, Managing Director of Dubai Duty Free, and Mohammed Al Hakim, President of UAE Operations at Crypto.com. The signing was witnessed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman of Dubai Duty Free.

“This MoU underscores our commitment to innovation and to providing greater convenience and choice for our customers,” said Cidambi. “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.”

Eric Anziani, President and COO of Crypto.com, added: “We’re delighted to complete the signing of this important MoU 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.”

Alain Yacine, President of Middle East at Crypto.com, said: “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. Signing an MoU 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.”

According to Dubai Media Office, the partnership follows a strong first half of 2024 for Dubai Duty Free, which reported Dhs4.118bn ($1.128bn) in turnover, a 5.34 per cent increase year-on-year.

Dubai Duty Free’s move to explore cryptocurrency payments reflects its commitment to catering to a wide range of customer preferences and aligns with the UAE’s national vision for digital transformation across retail and financial sectors. The retailer has previously adopted alternative payment methods such as Alipay and TerraPay, reinforcing its role as an innovator in travel retail.

Both parties will now begin feasibility assessments and detailed planning to implement crypto payment solutions and other initiatives under the terms of the MoU.

Crypto.com, founded in 2016, is trusted by more than 100 million users globally and is recognized for its leadership in regulatory compliance, privacy, and security. The company’s vision is to put “Cryptocurrency in Every Wallet” and is focused on accelerating digital currency adoption through innovation.