Mastercard and Diamond Trust Bank (DTB) have entered a 10-year agreement to enhance digital payment options across Kenya, Uganda, and Tanzania. The partnership aims to transform the banking experience for people and businesses with secure, modern, and convenient solutions.
The collaboration will introduce advanced card products and new transfer services, including peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. These solutions promise to streamline and simplify payments, bringing a more seamless experience to customers.
A major highlight of this partnership is Kenya’s first tokenization-based payment wearables. These wearables are created by Mastercard and DTB in collaboration with Tappy Technologies. They enable users to make secure, contactless payments by tapping the wearable device at any point-of-sale terminal.
Tokenization replaces sensitive payment information with encrypted tokens, ensuring secure transactions without exposing cardholder data.
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Tokenized Wearables Bring Contactless Payments to Consumers
These new wearables promise security and ease of use, transforming everyday accessories into powerful payment tools. Mark Elliott, Mastercard’s Division President for Africa, 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. We are also 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.”
Nasim Devji, Group CEO of DTB, emphasized the importance of the partnership in supporting their digital goals. “This collaboration with Mastercard will help accelerate our digital transformation journey. Moreover, it will significantly enhance our ability to deliver innovative financial solutions to our retail, SME, corporate, and fintech clients.”
This initiative underscores Mastercard and DTB’s commitment to inclusive growth and innovation in Africa’s expanding digital finance landscape. Data from Mastercard shows a growing demand for secure, contactless payment options, with many point-of-sale terminals in the MEA region now NFC-enabled.
By offering tokenized payment wearables and cross-border solutions, the companies aim to meet this demand and provide significant benefits across the financial ecosystem.
The collaboration also aligns with Mastercard’s “Top of Wallet” strategy, boosting consumer convenience, improving checkout speeds, and driving transaction volume for financial institutions. For fintechs, these new digital solutions promise greater customer adoption and scalability in East Africa’s rapidly evolving payment sector.