Mastercard and Diamond Trust Bank (DTB) have forged a significant 10-year partnership aimed at revolutionizing digital payment solutions across Kenya, Uganda, and Tanzania. This long-term collaboration is set to enhance the digital banking experience for both individuals and businesses throughout East Africa.
The partnership will primarily focus on delivering innovative, secure, and user-friendly payment solutions. A key aspect of this collaboration is the introduction of passive payment wearables powered by tokenization, positioning Kenya as the first country in the region to adopt this advanced contactless payment technology.
These new tokenization-based payment wearables, developed in collaboration with Tappy Technologies, will enable consumers to make secure, tap-to-pay transactions using wearable devices at any compatible point-of-sale terminal. Tokenization technology replaces sensitive payment information with encrypted tokens, ensuring secure transactions by protecting cardholder data.
Mark Elliott, Division President for Africa at Mastercard, expressed his enthusiasm about 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. This collaboration underscores our commitment to driving digital transformation and financial inclusion across East Africa.
This partnership represents a significant milestone in the region’s digital transformation efforts, enhancing the convenience and security of everyday transactions through advanced payment technology.
