Mastercard has launched Mastercard One Credential, a single, digitally connected payment solution that offers consumers multiple ways to pay.
With One Credential, the company aims to simplify the payment process by providing a unified platform where consumers can choose from various payment options, including debit, credit, instalments, and prepaid.
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One Credential allows users to manage their payment preferences, enabling them to select how transactions are funded according to their specific needs.
Through an app or online platform, consumers can oversee their payment options, providing an overview of their spending.
This solution gives individuals control over their payment methods for a secure financial experience.
Multiple partners have already committed to bring the solution to end consumers, including Bendigo and Adelaide Bank group, Episode Six, Galileo Financial Technologies, i2c, Lithic, Marqeta, and Wio Bank.
One Credential provides issuing banks with a solution designed to appeal to younger consumers who prioritise digital, personalised payment experiences and are focused on managing their financial futures.
Mastercard plans to expand One Credential to small businesses, offering them control over their payment methods.
The platform allows both consumers and small businesses to access funding options and customise their payment preferences based on transaction type and timing, all through a single and digitally connected credential.
It offers structured credit alongside debit, allowing Gen Z consumers to improve their creditworthiness, the company added.
Mastercard chief product officer Jorn Lambert said: “Today’s consumers expect to be in the driver’s seat. That’s what sparked One Credential. It gives people an innovative way to pay that’s truly personalised to them. While Gen Z may be leading the way, the desire for personalisation spans generations.”
Recently, Mastercard introduced the AI-driven TRACE (Trace Financial Crime) solution in the Asia Pacific region, aiming to track illicit funds and flag suspected money laundering accounts.
