Mastercard, DTB Partner To Launch Tokenization Tech In EA

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

The collaboration will focus on delivering innovative, secure, and convenient payment solutions. The two companies will also introduce tokenization-based passive payment wearables bringing cutting-edge contactless technology to consumers in Kenya.

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 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.

On her part, Nasim Devji, the Group CEO of DTB, said that the collaboration will help accelerate DTB’s digital transformation journey and significantly enhance its ability to deliver innovative financial solutions.

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.