Mastercard is launching One Credential, a single digitally connected credential that provides consumers and businesses with a multitude of scheduled payment options spanning debit, installments, prepaid and credit.
With One Credential, consumers can tailor their payment preferences, choosing to pay for daily expenses under $100, like groceries and fuel, from their current account; charge expenses over $100 to credit; and pay for the occasional larger purchase via installments. Users can set their preferences online or in an app, with full control over how each transaction is funded and a holistic view of spending.
“Today’s consumers expect to be in the driver’s seat,” says Jorn Lambert, chief product officer, Mastercard. “That’s what sparked One Credential. It gives people an innovative way to pay that’s truly personalized to them. While Gen Z may be leading the way, the desire for personalization spans generations.”
Mastercard has already signed up a host of customers and partners for the launch, including Bendigo and Adelaide Bank, Wio Bank, Marqeta, Episode Six, Galileo, i2c, and Lithic.
The card scheme also plans to roll out One Credential for small businesses, providing them with more choice and control over how they pay.
Prateek Vahie, chief commercial officer at Wio Bank, says: “Being first to market with Mastercard’s One Credential allows us to deliver exactly what our digitally native customers demand - complete payment flexibility and control at their fingertips. This digital-first solution allows customers to seamlessly switch between payment methods based on their needs - whether debit for daily expenses, credit for larger purchases, or installments for significant investments. We’re transforming how customers manage their finances by delivering what matters most: choice, control, and simplicity in every transaction.”