Mastercard has struck a strategic partnership with Diamond Trust Bank (DTB) to boost digital payments in East Africa with specific focus on Kenya, Uganda, and Tanzania.
The a 10-year agreement will offer tailored digital payment solutions across the region with the two organizations hoping to transform the digital and banking landscape and experiences for businesses and individuals across the region.
Mark Elliott, the Division President, Africa, Mastercard, who made the announcement, said the partnership will focus on delivering innovative, secure, and convenient payment solutions, including bespoke card products and advanced transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions.
Introduced by Mastercard and DTB in partnership with Tappy Technologies, the card is Kenya’s first tokenization-based payment wearables which allows consumers to make secure, contactless payments simply by tapping the wearable device at any enabled point-of-sale terminal. This technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions, Elliott said.
“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,” he added.
On his part, the Group CEO of DTB, Nasim Devji, 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.”y