MasterCard and Diamond Trust Bank (DTB) have reached a 10-year agreement to provide tailored digital payment solutions in Kenya, Uganda, and Tanzania.
This alliance said it aims to improve the digital and banking experience of individuals and businesses in the region.
According to the parties, the partnership will focus on providing innovative, secure, and convenient payment solutions, such as customized card products and advanced transfer services for peer-to-peer, business-to-business, and person-to-business transactions.
The two businesses will also develop tokenization-based passive payment wearables, bringing contactless technology to Kenyan consumers.
MasterCard and DTB said in collaboration with Tappy Technologies, Kenya’s first tokenisation-based payment passive wearables is a “significant innovation that enables consumers to make secure, contactless payments simply by tapping the wearable device at any enabled point-of-sale terminal.”
In a joint statement, the two said: “Tokenisation technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions. The wearables offer not only enhanced security but also increased convenience, transforming everyday accessories into powerful payment tools.”
“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,” said Mark Elliott, division president, Africa, MasterCard.
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.”
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