Mastercard and Diamond Trust Bank (DTB) have announced a 10-year agreement to offer tailored digital payment solutions across Kenya, Uganda, and Tanzania. The two organizations hope this partnership will transform the digital and banking landscape and experiences for businesses and individuals across the region.
This partnership will focus on delivering innovative, secure, and convenient payment solutions, including bespoke card products and advanced transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. It will also introduce tokenization-based payment wearables, a first for Kenya.
Introduced by Mastercard and DTB, in partnership with Tappy Technologies, Kenya’s first tokenization-based payment wearables allows consumers to make secure, contactless payments simply by tapping the wearable device at any enabled point-of-sale terminal. This technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions.
“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations. By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay. This collaboration highlights our deep commitment to driving digital transformation and financial inclusion across East Africa,” said Mark Elliott, Division President, Africa, Mastercard.
Nasim Devji, Group CEO of DTB, said, “This collaboration with Mastercard will help accelerate our digital transformation journey and significantly enhance our ability to deliver innovative financial solutions to our retail, SME, corporate, and fintech clients.”
Mastercard data reveals that one in nine transactions at point-of-sale terminals in the MEA region is contactless. This collaboration will bring significant benefits across the financial ecosystem—enhancing convenience and security for consumers, providing faster checkout experiences and higher approval rates for merchants, driving increased transaction volume for financial institutions through Mastercard’s ‘Top of Wallet’ approach, and enabling fintechs to achieve greater customer adoption and scale with innovative digital solutions like wearables.
Read: Stanbic Bank and Mastercard Launch Metallic World Elite Mastercard in East Africa