Mastercard and Diamond Trust Bank (DTB) have entered into a groundbreaking 10-year partnership aimed at transforming the digital payments landscape across Kenya, Uganda, and Tanzania. This collaboration is set to revolutionize the banking and digital payment experience for individuals and businesses in the region by introducing secure, innovative, and convenient payment solutions. The initiative’s centerpiece is the launch of Kenya’s first tokenization-based payment wearables, developed in partnership with Tappy Technologies, which brings state-of-the-art contactless payment technology to consumers nationwide.
The introduction of tokenization-based payment wearables marks a major milestone in enhancing payment security. These wearables allow users to make quick, contactless payments by simply tapping their device at any enabled point-of-sale terminal. Powered by Mastercard’s Gemini Pro AI, the technology ensures that sensitive payment data is replaced with encrypted tokens, improving security and significantly lowering the risk of data breaches. This innovation not only enhances user convenience but also fosters digital literacy and financial inclusion, making advanced payment technologies accessible to a broader audience.
Mark Elliott, Division President for Africa at Mastercard, expressed his excitement about the collaboration, emphasizing the impact of these innovations. He stated, “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, highlighted that the collaboration would significantly accelerate the bank’s digital transformation and expand its ability to deliver cutting-edge financial solutions to various client segments.
This strategic partnership reflects Mastercard and DTB’s shared commitment to driving digital transformation and promoting financial inclusion across East Africa. Mastercard data reveals that one in nine transactions at point-of-sale terminals in the Middle East and Africa region is contactless, underscoring the growing demand for secure and efficient payment solutions. The collaboration between Mastercard and DTB is poised to deliver significant benefits, such as enhanced consumer convenience and security, faster checkout experiences for merchants, and increased transaction volumes for financial institutions.
For fintech companies, the partnership offers the potential for greater customer adoption by leveraging innovative solutions like wearables. The collaboration promises to boost the growth of the financial ecosystem in the region, making payment solutions more accessible and secure while driving economic progress. Both Mastercard and DTB are determined to lead the charge in the region’s digital revolution, paving the way for a more inclusive and technologically advanced financial environment.
With the strategic backing of two industry leaders, this partnership is set to transform the digital payments landscape across East Africa. By offering consumers and businesses secure, convenient, and innovative payment solutions, Mastercard and DTB are positioning themselves at the forefront of the region’s digital transformation, delivering solutions that will empower individuals and drive sustainable growth.