Mastercard and Diamond Trust Bank (DTB) have entered a landmark 10-year partnership to deliver customized digital payment solutions across Kenya, Uganda, and Tanzania. This collaboration aims to revolutionize the digital and banking experience for both individuals and businesses in the region by introducing innovative, secure, and convenient payment options. Central to this initiative is the launch of Kenya’s first tokenization-based payment wearables, developed in partnership with Tappy Technologies, which brings cutting-edge contactless technology to consumers nationwide.
The introduction of tokenization-based payment wearables marks a significant advancement in secure payment methods. These wearables allow users to make contactless payments effortlessly by simply tapping their device at any enabled point-of-sale terminal. Utilizing Mastercard’s Gemini Pro AI, the technology ensures that sensitive payment data is replaced with encrypted tokens, providing enhanced security and reducing the risk of data breaches. This innovation not only enhances user convenience but also promotes digital literacy and financial inclusion by making advanced payment technologies more accessible to a broader audience.
Mark Elliott, Division President for Africa at Mastercard, expressed his enthusiasm for the collaboration, stating, “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.” Nasim Devji, Group CEO of DTB, added, “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.”
This strategic partnership underscores Mastercard and DTB’s commitment to driving digital transformation and financial inclusion across East Africa. According to Mastercard data, one in nine transactions at point-of-sale terminals in the MEA region is contactless, highlighting the growing demand for secure and convenient payment solutions. The collaboration is set to deliver substantial benefits across the financial ecosystem, including enhanced consumer convenience and security, faster checkout experiences for merchants, increased transaction volumes for financial institutions, and greater customer adoption for fintechs through innovative solutions like wearables. Together, Mastercard and DTB are poised to lead the region’s digital revolution, fostering a more inclusive and technologically advanced financial landscape.
Mastercard Signs 10Yr Digital Transformation Partnership with DTB
