Following this announcement, customers of Mastercard will be enabled to leverage One Credential in order to choose the payment option (including debit, installments, prepaid, or credit) that suits their needs the best. The process will take place through a secure and efficient digital experience.
In addition, Mastercard will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Compared to previous generations, Gen Z’s payment preferences are distinct in key ways, including the overall predilection for digital services, the habit of spending more than saving, being more mindful about their purchases and seeking personalised solutions, as well as the process of actively seeking out financial education online. The newly launched Mastercard tool will focus on meeting these needs, while also providing customers with an optimised experience in an ever-evolving market.
One Credential was developed in order to provide consumers and small businesses using it with the possibility to access even more funding options and set payment preferences around transaction type and time – all with a single, digitally connected credential process.
At the same time, for issuing banks, One Credential is expected to deliver a differentiated offering that is especially appealing to younger consumers who seek digital, personalised payment experiences and are planning their financial futures. Mastercard also aims to roll out One Credential for small and medium-sized enterprises (SMEs) in order to provide them with the capability to benefit from more choice and control over how they pay.
One Credential was developed with multiple customers and partners, including Bendigo and Adelaide Bank group, Episode Six, Galileo Financial Technologies, i2c, Lithic, Marqeta, and Wio Bank.
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