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Mastercard and DTB Sign 10 Year Agreement For Digital Payments

BY Soko Directory Team · November 7, 2024 12:11 pm

Mastercard and Diamond Trust Bank (DTB) have announced a 10-year agreement to offer tailored digital payment solutions across Kenya, Uganda and Tanzania. This collaboration aims to accelerate the digital and banking experience for individuals and businesses in the region.

The partnership will focus on delivering innovative, secure, and convenient payment solutions, including bespoke card products and advanced transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. The two companies will also introduce tokenization-based passive payment wearables bringing cutting-edge contactless technology to consumers in Kenya.

Introduced by Mastercard and DTB, in collaboration with Tappy Technologies, Kenya’s first tokenization-based payment passive wearables is a significant innovation that enables consumers to make secure, contactless payments simply by tapping the wearable device at any enabled point-of-sale terminal. Tokenization technology replaces sensitive payment data with encrypted tokens, ensuring that cardholder information remains protected during transactions. The wearables offer not only enhanced security but also increased convenience, transforming everyday accessories into powerful payment tools.

“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.

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.”

The 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 indicates that a significant portion of point-of-sale terminals in the MEA region are now NFC-enabled, 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 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.

Read Also: Safaricom And Mastercard Partner To Expand Payment Acceptance To Over 636,000 Merchants In Kenya

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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