Mastercard and PayPal are working on Mastercard One Credential, a tool that offers multiple payment options and preferences.
According to a press release on 4 June, the tool allows shoppers to use a single credential, ensuring they don’t have to use multiple cards or payment methods.
More seamless shopping
As the digital world continues to evolve, payment also needs to evolve, to make shopping less cumbersome.
Shoppers are seeking the easiest ways to pay, hence motivating payment providers to do more.
According to Mastercard, Gen Zs in particular are interested in more personalized payment and with their large population, they can’t be ignored.
Therefore, Mastercard and PayPal are stepping up to the challenge by creating One Credential, with several key partners committing to bringing the solution to consumers globally.
Commenting, Bunita Sawhney, Chief Consumer Product Officer at Mastercard said:
“We’re excited to empower consumers with more choice and control over how they pay together with PayPal, building on our collective strength of global payments innovation. With One Credential, we’re delivering the personalized digital experiences that build consumer confidence and trust.”
Chris Sweetland, SVP of Partnerships at PayPal also added that:
“We are excited for the opportunity to innovate together with Mastercard. We both want to reduce friction for consumers and bring them more power over how they pay.”
How it works
With One Credential, consumers will be able to choose payment options such as debit, installments, prepaid or credit that’s best for them, all through a seamless digital experience.
Users can set their payments to be online or in-app, choosing to pay for daily expenses from their checking account, charge expenses to credit, or pay for the occasional larger purchase via installments.
The new tool serves as a network-level capability worldwide, enabling issuers to give consumers more choice and control over their spending.
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