Mastercard is introducing One Credential, a single digital credential that offers consumers and businesses a range of scheduled payment options, including debit, installments, prepaid, and credit.
With One Credential, users can customize their payment methods based on their needs. For daily expenses under $100, such as groceries and fuel, payments can be drawn from their current account. Expenses exceeding $100 can be charged to credit, while larger purchases can be managed through installments. Preferences can be set online or via an app, providing users with full control over transaction funding and a comprehensive overview of their spending.
“Today’s consumers expect to be in the driver’s seat,” says Jorn Lambert, chief product officer at 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 partnered with various customers for the launch, including Bendigo and Adelaide Bank, Wio Bank, Marqeta, Episode Six, Galileo, i2c, and Lithic.
The card scheme also plans to extend One Credential to small businesses, offering them enhanced choices and control over their payment processes.
Prateek Vahie, chief commercial officer at Wio Bank, remarks, “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 enables customers to seamlessly switch between payment methods based on their needs, whether for daily expenses, larger purchases, or significant investments. We’re transforming how customers manage their finances by providing what matters most: choice, control, and simplicity in every transaction.”