Digital payments platform 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 better the digital and banking experience for individuals and businesses in the East African region.

“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,” explains Mark Elliott, Division President, Africa, Mastercard.

Their alliance 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.

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Tokenization-based payment wearables

The partnership also introduces tokenization-based payment wearables bringing cutting-edge contactless technology to consumers across the country.

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.”

Introduced by Mastercard and DTB, in partnership with Tappy Technologies, Kenya’s first tokenization-based payment wearables 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.

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