Mastercard has introduced One Credential, a single digital payment solution that allows consumers and businesses to choose from multiple payment methods, including debit, credit, prepaid, and installments. The platform enables users to customize their payment preferences, such as using a current account for daily expenses under $100, credit for larger purchases, and installments for significant investments.
Users can set their preferences online or via an app, gaining full control over how transactions are funded and a comprehensive view of their spending.
Jorn Lambert, Chief Product Officer at Mastercard, stated, “One Credential gives consumers an innovative, personalized way to pay. While Gen Z is leading the charge, the demand for personalization spans all generations.”
Mastercard has partnered with Bendigo and Adelaide Bank, Wio Bank, Marqeta, and others for the launch. The company also plans to extend One Credential to small businesses, offering them greater payment flexibility.
Prateek Vahie, Chief Commercial Officer at Wio Bank, added, “This digital-first solution delivers the flexibility and control our customers demand, transforming how they manage finances.”