Nairobi: Mastercard and Diamond Trust Bank (DTB) have announced a decade-long partnership aimed at transforming digital payment solutions across Kenya, Uganda, and Tanzania. This initiative is set to enhance the digital banking experience for both individuals and businesses within the region.

According to Kenya News Agency, the collaboration is focused on delivering innovative, secure, and convenient payment solutions. This includes the introduction of bespoke card products and advanced transfer services for various transactions such as peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B). The two companies also plan to unveil tokenization-based passive payment wearables, which will introduce cutting-edge contactless technology to consumers in Kenya.

These wearables, developed in collaboration with Tappy Technologies, represent a significant step forward in payment innovation. They allow consumers to make contactless payments simply by tapping the wearable device at any enabled point
-of-sale terminal. The tokenization technology ensures that sensitive payment data is replaced with encrypted tokens, safeguarding cardholder information during transactions. This not only enhances security but also offers increased convenience, turning everyday accessories into powerful payment tools.

Mark Elliott, Division President for Africa at Mastercard, emphasized the importance of this collaboration in driving digital transformation and financial inclusion across East Africa. He 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 and providing customers with more secure and convenient ways to pay.”

Nasim Devji, Group CEO of DTB, highlighted that the partnership with Mastercard will significantly accelerate DTB’s digital transformation journey. She noted that it will enhance their ability to pro
vide innovative financial solutions to retail, SME, corporate, and fintech clients. Devji added, “This collaboration will bring significant benefits across the financial ecosystem, enhancing convenience and security for consumers, providing faster checkout experiences, and driving increased transaction volume for financial institutions through Mastercard’s ‘Top of Wallet’ approach, and enabling fintechs to achieve greater customer adoption and scale with innovative digital solutions like wearables.”