Mastercard and Diamond Trust Bank (DTB) have entered a transformative 10-year partnership aimed at enhancing digital payment solutions across Kenya, Uganda, and Tanzania. This strategic alliance is set to elevate the banking experience for consumers and businesses, providing them with cutting-edge, secure, and convenient payment options that align with the rapidly evolving financial landscape in East Africa.
Expanding Digital Payment Solutions Across East Africa
Through this partnership, Mastercard and DTB aim to deliver a broad spectrum of digital payment innovations that cater to diverse transaction needs, including custom card solutions and advanced transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. One of the key highlights of this collaboration is the introduction of tokenization-based payment wearables in Kenya—a first in the country. This new technology allows users to make secure, contactless payments, offering a seamless, modern payment experience.
DTB’s Group CEO, Nasim Devji, expressed optimism about the partnership, 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.”
Tokenization-Based Payment Wearables: A Leap in Payment Security
One of the standout features of this collaboration is the introduction of tokenization-based payment wearables, developed in partnership with Tappy Technologies. Tokenization technology is a security mechanism that replaces sensitive payment information with encrypted tokens, protecting users’ card details during transactions. With tokenized wearables, consumers can tap their devices on any contactless point-of-sale terminal for secure and convenient payments. This move underscores DTB and Mastercard’s commitment to pioneering safe digital solutions and reimagining everyday items as payment tools.
Mark Elliott, Division President of Mastercard Africa, emphasized the importance of secure payment options, 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. This collaboration highlights our deep commitment to driving digital transformation and financial inclusion across East Africa.”
Revolutionizing the Financial Landscape Through Digital Transformation
This partnership represents a significant step in East Africa’s digital payment revolution, bringing benefits across the financial ecosystem. Tokenized wearables not only provide added security but also improve convenience, enabling users to complete “tap and go” transactions quickly. Merchants benefit from faster checkout processes and higher approval rates, while financial institutions see increased transaction volumes through Mastercard’s “Top of Wallet” approach, which encourages users to prioritize Mastercard as their primary payment method.
Furthermore, the partnership supports fintech companies in reaching a wider audience, providing innovative tools that help scale customer adoption. By focusing on secure and user-friendly solutions, Mastercard and DTB are positioning themselves at the forefront of digital transformation efforts in the region, driving financial inclusion and offering a modernized banking experience for all.
Addressing the Growing Demand for Contactless Payments in East Africa
Contactless payments are on the rise in East Africa, with one in nine point-of-sale transactions in the Middle East and Africa region now being contactless, according to Mastercard data. This trend reflects the growing consumer demand for secure, convenient payment methods. With tokenized wearables and enhanced digital solutions, DTB and Mastercard are responding to this demand, providing the tools needed to meet the region’s evolving financial needs.
By offering cutting-edge payment solutions, DTB and Mastercard aim to reshape the financial landscape in East Africa. This collaboration not only introduces innovative payment technology to the region but also serves as a catalyst for economic growth, enabling businesses to thrive in a more secure and connected digital environment.
Conclusion: A New Era of Digital Banking in East Africa
The Mastercard and DTB partnership marks a milestone in East Africa’s journey toward digital financial inclusion. With tokenized wearables, enhanced security, and a seamless user experience, this collaboration is set to redefine how people and businesses in East Africa conduct transactions. As they lead the way in the region’s digital payment transformation, Mastercard and DTB are empowering consumers, supporting businesses, and contributing to a more inclusive digital economy across Kenya, Uganda, and Tanzania.
