Mastercard and Diamond Trust Bank (DTB) have entered into a 10-year partnership to transform digital payments across East Africa, specifically in Kenya, Uganda, and Tanzania.
This collaboration aims to bring advanced digital payment solutions to the region, enhancing the banking experience for individuals, businesses, and institutions.
One of the standout features of this partnership is the launch of tokenization-based payment wearables in Kenya.
Developed in collaboration with Tappy Technologies, these wearables allow consumers to make secure, contactless payments simply by tapping the device at any point-of-sale terminal that accepts contactless payments. Tokenization technology replaces sensitive payment information with encrypted tokens, which bolsters security by safeguarding cardholder data during transactions.
This new feature adds a layer of convenience and is anticipated to increase the rate of adoption for digital payments in the region.
In addition to wearables, Mastercard and DTB are also introducing a range of customized card products and transfer services, covering peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. These services are designed to cater to the unique needs of East African consumers and businesses, who are increasingly seeking seamless and efficient payment methods.
Mark Elliott, Division President of Mastercard Africa, emphasized that this partnership reinforces Mastercard’s commitment to digital transformation and financial inclusion in East Africa. He noted that by integrating Mastercard’s digital payment expertise with DTB’s strong market presence, the partnership will provide East African customers with enhanced security and convenience in their financial transactions.
DTB’s Group CEO, Nasim Devji, stated that the collaboration with Mastercard will play a crucial role in accelerating the bank’s digital transformation.
By providing innovative, secure, and convenient payment methods, the partnership is expected to significantly benefit retail customers, small and medium-sized enterprises (SMEs), corporate clients, and the fintech sector.
