Mastercard and PayPal have announced the launch of One Credential, a new digital tool that brings together all payment methods in one solution. The goal of the joint development is to simplify the payment process and give users more control over the choice of payment method for both online purchases and payments in physical stores. About this informs The Paypers.
With One Credential, users can store all their payment instruments – debit, credit, prepaid cards or payment options – in one digital environment. This avoids the confusion of switching between cards and provides a personalized experience according to individual preferences.
As Mastercard research shows, today’s customers expect flexibility, convenience and an individual approach during payments. These expectations became the basis for the development of One Credential, which is also focused on the needs of small businesses — for example, it offers more financing options and the ability to set payment priorities depending on the type of operation or the time of its execution.
PayPal is integrating One Credential into its products to offer even more options for users. The tool is also expected to facilitate the gradual transition of consumers from using only debit cards to more structured forms of financing, such as installment payments, which can have a positive effect on their credit history.
As a reminder, on June 4, Deutsche Bank and Mastercard launched a joint initiative that involves the use of open banking to make payments in real time. Users will be able to pay for purchases directly from their bank accounts, receiving instant confirmation of the transaction.
