Diamond Trust Bank (DTB) has teamed up with African payment services provider DPO Group, and Mastercard, to launch a virtual payment card in Kenya and Tanzania.
Known as the DPO Virtual Card, the new offering will facilitate business to business (B2B) payment without having to use a physical credit card, debit card or bank account.
Businesses, who will apply for the DPO Virtual Card, will get a 16-digit card number, security code and expiry date that will work similar to a digital account and can be used across the globe similar to a physical card.
The virtual card can be used to transact online within and beyond the DPO network.
The concerned partners have already tested the card with travel and tourism operators who have used it to pay suppliers and other vendors worldwide.
Acting as the sponsor bank, DTB has enabled DPO to issue cards in association with Mastercard.
DTB head of products and marketing Farouk Khimji said: “At DTB, we believe in innovation and see it as a crucial pillar for businesses going forward.
“Already, more than 50% of transactions at DTB are done outside the bank, and this is made possible because of the excellent IT infrastructure in this country.
“We are happy to be the sponsor bank for the DPO Virtual Card and look forward to the growth that this will bring to our business.”
DPO Group CEO Eran Feinstein stated: “This partnership between DPO Group, DTB Group, and Mastercard is an exciting development not only for DPO Group but also for African businesses which will be able to transact swiftly and securely, reach new markets and grow with the virtual card.”
Besides eliminating the requirement to make wire transfers to merchants overseas, the new card also enables traders to avoid foreign currency conversion fees.
Additionally, the card is available as a one-time use card that can be used only once, thereby boosting the security of the payment process.
The virtual card will be launched in other African markets in the future.