Mastercard and Diamond Trust Bank (DTB) have sealed a 10-year partnership to provide digital payment solutions in Kenya, Uganda, and Tanzania.
The collaboration will introduce multiple payment options, including custom cards, peer-to-peer, business-to-business, and person-to-business transactions, and tokenized payment wearables for contactless payments in Kenya.
Tappy Technologies has aided this launch of Kenya’s first tokenized payment wearables. These wearables will allow consumers to make secure, contactless payments by tapping them at compatible terminals.
Tokenization replaces sensitive payment data with encrypted tokens to protect cardholder information.
Per a statement from Mastercard, this move aims to advance digital banking in the region, enhance transaction security, and promote financial inclusion.
“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, DTB’s Group CEO, 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.”
