Mastercard and Diamond Trust Bank (DTB) have announced a 10-year agreement to offer tailored digital payment solutions across Kenya, Uganda and Tanzania.
This collaboration aims to accelerate the digital and banking experience for individuals and businesses in the region.
The 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.
In a press release today, the two companies will also introduce tokenization-based passive payment wearable’s bringing cutting-edge contactless technology to consumers in Kenya.
Introduced by Mastercard and DTB, in collaboration with Tappy Technologies, Kenya’s first tokenization-based payment passive wearables is a significant innovation that enables consumers to make secure, contactless payments simply by tapping the wearable device at any enabled point-of-sale terminal.
Tokenization technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions. The wearables offer not only enhanced security but also increased convenience, transforming everyday accessories into powerful payment tools.
Mark Elliott, Division President, Africa, Mastercard said the collaboration highlights their commitment to driving digital transformation and financial inclusion across East Africa
“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”, he said
Nasim Devji, Group CEO of DTB, said the collaboration with Mastercard will help accelerate their digital transformation journey and significantly enhance the ability to deliver innovative financial solutions to their retail, SME, corporate, and fintech clients.
“This collaboration will bring significant benefits across the financial ecosystem, enhancing convenience and security for consumers, providing faster checkout experiences and 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.
By Wangari Ndirangu
