DTB joins Mastercard and DPO Group to extend digital B2B payments to global markets
Diamond Trust Bank (DTB), the East African banking group, has joined African payment services provider DPO Group, and Mastercard in the rollout of a business to business (B2B) virtual payment card in Kenya and Tanzania. The DPO Virtual Card is designed to improve the reach and ability of businesses to make instant digital payments to other businesses in Africa and across the world without the need for a physical credit card, debit card or bank account.
Merchants of the DPO Virtual Card will receive a 16-digit card number, security code and expiry date and this acts like a digital account which can be used worldwide much like a physical card. The virtual card will enable secure online payments to be made to any vendor both within and outside the DPO network. The card has been piloted by travel and tourism operators who have used it to pay international suppliers and other vendors. DTB is DPO’s sponsor bank which enables DPO to issue cards in partnership with Mastercard.
The virtual card replaces the need for merchants to make wire transfers to international merchants, allowing them to avoid foreign currency conversion fees. As well as being a multiple use card, the DPO Virtual Card is also available as a one-time use card; creating a card number that is used only once and for a specific purpose, making the process secure, easy to track and reconcile.
DPO Group is in the process of securing partner banks, like DTB, in other countries across Africa, which will allow it to facilitate more virtual card payments, giving businesses in other African countries greater access to the global market.