Mastercard and Diamond Trust Bank (DTB) have entered an agreement to introduce targeted digital payment services across Kenya, Uganda, and Tanzania. This partnership focuses on developing a wider range of financial tools for individuals and businesses, aiming to enhance both convenience and security in the region’s digital transactions.

The collaboration plans to introduce customised payment products, including cards designed for specific needs and improved transfer services for peer-to-peer (P2P), business-to-business (B2B), and person-to-business (P2B) transactions. A main feature of the initiative is the introduction of tokenisation-based payment wearables in Kenya, enabling users to make contactless payments with added security and convenience. Tokenisation wearables for contactless payments In partnership with Tappy Technologies, Mastercard and DTB are launching tokenisation-powered wearable devices that enable secure, contactless payments.

These wearables allow consumers to tap their devices at supported payment terminals to complete transactions, with tokenisation replacing sensitive data with encrypted tokens, thus keeping user information secure. Beyond increased security, these devices add convenience by converting everyday accessories into functional payment tools. Representatives from Mastercard commented that the collaboration with DTB and Tappy Technologies is set to provide East African customers with secure and convenient payment methods, aligning with Mastercard's goals for digital transformation and improved financial access in the region.

DTB’s Group officials noted that the partnership is key to accelerating DTB’s digital evolution, improving the bank’s capacity to deliver advanced financial solutions for retail clients, SMEs, corporate accounts, and fintechs. Mastercard’s data shows a growing demand for contactless payments in the Middle East and Africa (MEA) region, with one out of nine transactions completed this way. The collaboration is expected to improve the consumer experience with faster checkouts, increased security, and better access to new digital payment options.

For merchants, it aims to bring advantages such as faster transaction times and higher approval rates, while financial institutions and fintechs can benefit from increased adoption and transaction volume. .