Diamond Trust Bank (DTB) and Mastercard have announced a 10-year strategic partnership to deliver innovative, secure, and convenient payment solutions across Kenya, Uganda, and Tanzania. This collaboration aims to accelerate the digital and banking experience for individuals and businesses in the region.
Kenya’s First Tokenisation-Based Passive Payment Wearables
A key highlight of this partnership is the introduction of Kenya’s first tokenization-based passive payment wearables. Developed in collaboration with Tappy Technologies, these cutting-edge devices enable consumers to make secure, contactless payments simply by tapping the wearable at any NFC-enabled point-of-sale terminal. By replacing sensitive payment data with encrypted tokens, tokenization technology ensures enhanced security and privacy for users.
A Commitment to Digital Transformation and Financial Inclusion
“We are excited to partner with Diamond Trust Bank and Tappy Technologies to launch these groundbreaking innovations,” said Mark Elliott, Division President, Africa, Mastercard. “By combining our expertise in digital payment solutions with DTB’s strong market presence, we are empowering customers with more secure and convenient ways to pay. This collaboration underscores our commitment to driving digital transformation and financial inclusion across East Africa.”
Nasim Devji, Group CEO of DTB, shared his enthusiasm, stating, “This partnership with Mastercard will accelerate our digital transformation journey and significantly enhance our ability to deliver innovative financial solutions to our diverse clientele, including retail, SME, corporate, and fintech clients.”
Leveraging the Power of Tokenisation and NFC Technology
Mastercard data reveals a significant increase in NFC-enabled point-of-sale terminals across the Middle East and Africa region. This trend underscores the growing demand for secure and convenient payment solutions. By offering tokenized payment wearables and comprehensive cross-border solutions, DTB and Mastercard are positioning themselves at the forefront of the region’s digital revolution.
This collaboration promises to bring significant benefits to the entire financial ecosystem, including:
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Enhanced convenience and security for consumers: Tokenization technology ensures that cardholder information remains protected during transactions, providing peace of mind to users.
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Faster checkout experiences: Contactless payments enabled by NFC technology streamline the checkout process, saving time and effort for both consumers and merchants.
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Increased transaction volume for financial institutions: Mastercard’s “Top of Wallet” approach drives higher transaction volumes for financial institutions.
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Greater customer adoption and scale for fintechs: Innovative digital solutions like wearables enable fintechs to attract and retain customers, fostering growth and expansion.
