DTB Kenya, Premier Bank Somalia Introduce Wearable Payment Technology

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Diamond Trust Bank Kenya and Premier Bank Somalia have introduced wearable payment technology in East Africa, positioning both banks at the forefront of modern banking solutions, offering secure, convenient, and contactless payment methods to their customers.

DTB Kenya partnered with MasterCard to introduce a tokenized MasterCard ring that allows customers to make contactless payments. Tokenization adds an extra layer of security by replacing sensitive card information with a unique identifier, ensuring that personal details are never exposed during transactions.

Key Features of the Tokenized MasterCard Ring

The tokenized ring ensures that all transactions are encrypted and secure.
The wearable solution is accompanied by a mobile app that offers users real-time access to their finances. The app allows customers to:
- Track transactions instantly.
- Set customized spending limits to manage their finances better.
- Receive instant notifications with each payment, improving transparency.
Customers have full control over their payments and finances, with features that ensure easy management of spending.

Read: Absa Pay: A tap-to-pay Feature by Absa Bank Set to Revolutionize Online Payments

Meanwhile, Premier Bank Somalia introduced the “Tap2Pay NFC Wearables,” a first-of-its-kind solution in Somalia that brings the future of secure, contactless payments to the region.

The Tap2Pay technology leverages Near Field Communication (NFC), allowing customers to make payments using a variety of everyday accessories integrated with NFC technology, including rings, wristbands, eyeglasses, and smartwatch straps.

Customers can effortlessly complete transactions by simply tapping their wearable device near any NFC-enabled Point of Sale (POS) terminal, ATM, or payment point.

Key Features of Tap2Pay NFC Wearables

Tap2Pay wearables store payment information securely within the device, ensuring protection against theft or duplication.
Transactions are completed quickly with a simple tap, reducing time spent at payment terminals.
The devices are connected to global financial networks, allowing users to make purchases locally and internationally with ease.
Tap2Pay wearables offer a hygienic alternative to cash and card payments, requiring no physical contact.

Premier Bank CEO, Mr. Gedi Jimle, expressed optimism about the impact of this new technology.

“The Tap2Pay solution signifies a groundbreaking step in Somalia’s financial sector, aligning with global advancements in technology and transforming the way we make payments. We see technology as a crucial component in enhancing financial security and making life easier, and now it’s part of your daily wear.” he said.