Mastercard and Diamond Trust Bank [DTB] are set to transform the digital payments landscape across Kenya, Uganda, and Tanzania. This is a 10-year partnership deal to deliver customized digital solutions for individuals and businesses. The partnership will roll out Kenya’s first tokenization-based payment wearables, providing consumers with secure, contactless payment options.
Discover How Mastercard Ignites African Innovation
Tokenized Payment Wearables
The new collaboration will focus on delivering a suite of innovative payment solutions. This includes bespoke card products and advanced P2P, B2B, and P2B transfer services. The launch of tokenization-based payment wearables in Kenya, in partnership with Tappy Technologies, marks a first in the country’s digital payment infrastructure. These wearables will allow users to make secure, tap-to-pay transactions at any enabled point-of-sale terminal.
“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 highlights our deep commitment to driving digital transformation and financial inclusion across East Africa.” Said Mark Elliott, Division President, Africa, Mastercard.
Contactless Payments Surge in MEA
Tokenization technology, which replaces sensitive payment information with encrypted tokens. Will enhance security while offering a convenient alternative to traditional payment methods. With this technology, everyday accessories become versatile tools for secure, contactless payments.
Nasim Devji, Group CEO of DTB, said, “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.”
This collaboration is a testament to both Mastercard and DTB’s dedication to inclusive growth and innovation in Africa’s rapidly evolving payment landscape. By offering secure, tokenized payment wearables and comprehensive cross-border solutions. DTB and Mastercard have placed themselves at the forefront of the region’s digital revolution.
Mastercard data reveals that one in nine transactions at point-of-sale terminals in the MEA region is contactless, highlighting the increasing demand for secure, convenient payment solutions. This collaboration will bring significant benefits across the financial ecosystem—enhancing convenience and security for consumers, providing faster checkout experiences and higher approval rates for merchants, 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.
