Mastercard launches new One Credential checkout solution
Mastercard has unveiled its new One Credential solution designed to enable consumers to leverage multiple payment methods at the point of purchase through one consolidated account.
Mastercard debuts One Credential solution
The checkout solution aims to offer consumers a way of completing purchases without needing to toggle between different cards and payment methods, bringing together debit cards, prepaid cards, credit and instalment options.
The solution connects to both online portals and banking apps, through which consumers can manage payment preferences, and is particularly targeted at Gen Z, with the wider availability of structured credit intended to help boost credit scores.
Mastercard claims to have a series of issuers lined up ready to deploy One Credential, including Bendigo and Adelaide Bank Group, Episode Six, Galileo Financial Technologies, i2c, Lithic, Marqeta and Wio Bank.
The payments giant has recently been working to streamline payment experiences for consumers, and previously outlined its commitment to phasing out the requirement for manual card entry, which it intends to achieve by 2030.
This commitment includes the planned introduction of tokenised traditional card numbers, replacing passwords with biometric-powered payment passkey, and an enhancement to its online checkout solution Click to Pay.
The company later went on to pilot its Payment Passkey Service among financial institutions in India in September last year.
