MasterCard and Diamond Trust Bank (DTB) have entered a decade-long partnership to enhance digital payment solutions in Kenya, Uganda, and Tanzania. The partnership aims to improve financial accessibility and the digital banking experience for both individuals and businesses in the region.
The partnership focuses on introducing innovative, secure, and convenient payment options, including customized card products and advanced services for peer-to-peer, business-to-business, and person-to-business transactions. As part of their commitment to fostering seamless digital experiences, MasterCard and DTB plan to develop tokenization-based passive payment wearables for the Kenyan market, bringing contactless payment technology directly to consumers.
In collaboration with Tappy Technologies, this new wearable payment solution will mark Kenya’s first foray into tokenization-based contactless payments. Users can make secure, contactless transactions by simply tapping the wearable device at any enabled point-of-sale terminal.
“Tokenisation 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,” the companies stated in a joint release.
Mark Elliott, Division President for Africa at MasterCard, noted the partnership’s potential impact: “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.”
Nasim Devji, Group CEO of DTB, highlighted how this collaboration aligns with the bank’s digital transformation strategy, saying, “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.”
The partnership underscores a shared commitment to advancing digital payment solutions that drive greater financial inclusion and security, supporting the broader economic growth of East Africa.
