Mastercard has begun implementing the rolling out process of digitally connected credentials, which will allow consumers to pay in several ways to choose from.
The new Mastercard One Credential will allow customers to choose between debit, installment, prepayment, or credit. The relevant information is contained in the press release of the giant of the payment industry.
The mentioned press release also noted that users can set their payment preferences online or in the app. They can set preferences depending on the type and time of the transaction. For example, users can specify their checking accounts for expenses of less than $100, their credit cards for expenses of more than $100, and installments for occasional large purchases.
Mastercard chief product officer Jorn Lambert stated that consumers currently want to be in the driver’s seat. According to him, it is precisely this circumstance that sparked One Credential. He stated that it gives people an innovative payment method that is truly personalized for them.
According to Jorn Lambert, One Credential was designed with the needs of Generation Z consumers in mind, although the personalization this solution offers will appeal to other generations as well.
The press release noted that for issuing banks, One Credential offers a differentiated offering that provides digital and personalized payment experiences. In this case, users will also have access to financial future planning.
Moreover, Mastercard plans to roll out One Credential for small businesses. In this case, the new solution will allow consumers of the mentioned category to choose more ways how to pay. The relevant information is contained in the press release.
One Credential has key customers and partners committed to bringing it to consumers. According to the press release, this solution is already available in the United Arab Emirates on the Wio Bank digital banking platform.
Wio Bank chief commercial officer Prateek Vahie stated that being first to market with Mastercard’s One Credential allows this platform to deliver exactly what its digitally native consumers demand. In this case, it implies such needs as complete flexibility of payment transactions and control at the customer’s fingertips.
Mastercard SVP Offers, Loyalty Jill Moser, during a conversation with media representatives in the current month, stated that consumers expect personalization. The payment giant’s own studies show that 70% of individuals expect to have a more personalized experience tomorrow compared to what they were given yesterday.
Industry experts also argue that convenience-focused consumers would like to have access to a single platform, an everyday app that consolidates their daily digital activity.
The results of special industry research indicate that in the United States, 59% of consumers cite seamless payment integration as the main advantage of using an all-in-one app. It is also known that 37% of consumers in Australia support this point of view. The specified indicator is likely to grow in both mentioned countries.
As we have reported earlier, Mastercard and Feedzai to Fight AI-Powered Scams.
