BANKING AT THE COMFORT OF YOUR PHONE
On 7th July 2017 Diamond Trust Bank Kenya (DTB) and Mastercard announced a new strategic partnership to roll-out the revolutionary DTB Masterpass QR App in Kenya, an easy-to-use payment solution which now enables millions of consumers to make fast, secure and convenient digital payments for goods and services at merchants via their smartphones.
This came after merchant service provider Kopo announced their alliance with Mastercard in March 2017 to avail the mobile payment app across eleven markets in Sub-Saharan Africa, thus directly impacting 250,000+ micro, small and medium enterprises (MSMEs) over the next five years.
The innovative Masterpass QR payment solution is an instant acceptance tool for merchants (businesses) and conveniently provides their customers a fast, secure, easy and cashless ‘anywhere, anytime’ payment method via their smartphones. Users of the DTB mobile banking platform can now safely pay for in-store purchases by simply scanning a Quick Response (QR) Code or Entering a Merchant Identifier on their smartphones displayed at checkout counters, thus increasing security and alleviating the need to physical bank cards or cash.
Chris Bwakira, Vice President and Area Business Head, East Africa for Mastercard said, “Delivering efficient, secure and cost effective acceptance solutions to Kenyan merchants is an essential step to providing the level of support required to grow and develop businesses.According to Kenya’s Micro and Small Enterprises Authority almost 80% of the country’s critical jobs are created by these enterprises, therefore it is critical we introduce relevant solutions that address specific challenges.”Currently Masterpass QR is being introduced at key Kopo Kopo merchants in Nairobi, but there are plans to ensure the solution is accessible throughout the country. Additionally, the payment solution can also be used in markets outside of Kenya, as Mastercard has rolled-out the solution in multiple markets across the continent.
Nasim Devji, Group CEO and Managing Director at DTB, said “the mobile solution will not only eliminate the merchants’ reliance on costly point of sale devices, it will also remove the dangers and logistical issues of handling cash on daily sales. Kenyan merchants who previously didn’t have access to electronic payment tools can now be financially included ensuring they are able to track and monitor the business cash flows immediately.”Devji added that DTB’s customers will be able to use their mobile banking app to access Masterpass QR to conduct their day-to-day banking needs directly on their devices. The launch of the solution forms an important part of Mastercard’s commitment to impact over 150,000 MSMEs in Kenya this year and in line with Mastercard’s global goal of connecting 40 million micro and small merchants to the formal financial economy thus helping them to move beyond cash by the end of 2020. “We’re passionate about giving small businesses the tools they need to grow and prosper, and we see the mobile device as a way to financially enable millions of merchants in Africa to do this. The use of mobile solutions is not expected to decline, especially if you consider that by 2022 there will be over 1 billion mobile subscribers in Sub-Saharan Africa” said Ken Kiny.
Diamond Trust Bank (DTB) is a tier 1 lender with a regional presence listed on the Nairobi Securities
Exchange (NSE), and has been in operation for over 70+years. Primarily focuses on the small and medium sized enterprise (SME) as its primary market. Winner of the Think Business Banking Awards™ as the Best Bank in asset finance, in product innovation and in customer satisfaction. Over 120 branches in East Africa, DTB is strongly positioned to serve the region’s businesses..www.dtbk.dtbafrica.com
Mastercard (NYSE: MA) is a technology company in the global payments industry, operating the world’s fastest payments processing network, connecting consumers,financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities including shopping, traveling, running a business and managing finances more secure and more efficient. . www.mastercard.com