Singapore, February 24, 2025 – As consumers increasingly embrace digital solutions that enhance convenience and personalization, Mastercard has introduced Mastercard One Credential, a single, digitally connected payment solution that allows users to select their preferred funding method. This innovation is particularly relevant for Gen Z, a generation that values seamless financial management and personalized payment experiences.
Introducing One Credential
One Credential empowers consumers to manage their payments efficiently by selecting options such as debit, credit, prepaid, or installment plans—all within a unified digital experience.
For instance, a young professional like Erica can optimize her spending by configuring One Credential to deduct daily purchases under $100 from her checking account, charge larger expenses to her credit card, and opt for installment payments on significant purchases. This flexible approach enables greater financial control and a holistic view of spending.
“Today’s consumers expect to be in the driver’s seat,” said Jorn Lambert, chief product officer, Mastercard. “That’s what sparked One Credential. It gives people an innovative way to pay that’s truly personalized to them. While Gen Z may be leading the way, the desire for personalization spans generations.”
Key Industry Players Support One Credential
Leading financial institutions and fintech companies have already committed to integrating One Credential into their services:
- Bendigo and Adelaide Bank Group – Including Bendigo Bank, Australia’s most trusted bank, and Up, a leading digital bank in Australia.
- Episode Six – A global provider of payment processing and ledger infrastructure.
- Galileo Financial Technologies – A fintech company owned by SoFi Technologies, Inc.
- i2c, Inc. – A provider of banking and payments technology.
- Lithic – A financial technology platform specializing in card solutions and money movement.
- Marqeta – A modern card issuing platform enabling embedded finance solutions.
- Wio Bank – One Credential is currently live in the UAE with Wio Bank, a digital banking platform.
Gen Z: A Generation That Values Choice and Digital Innovation
Gen Z’s financial habits differ significantly from previous generations:
- Nearly half of Gen Z consumers prefer new and innovative payment methods, and 65% want to manage all their finances online.
- Although they consider themselves financially cautious, they tend to spend more than they save and prioritize personalized payment solutions.
- Gen Z consumers aspire to build wealth, with many seeking financial education through digital platforms and social media.
Bridging the Credit Gap for Gen Z
Despite their digital-first approach, Gen Z consumers have the lowest average credit scores due to limited credit history and a reluctance to use traditional borrowing methods. Structured credit solutions, such as installment plans, provide an alternative way for younger consumers to manage their finances responsibly while building creditworthiness.
Expanding One Credential for Small Businesses
In addition to consumer applications, Mastercard plans to extend One Credential to small businesses, offering enhanced payment flexibility and control. The solution will enable business owners to manage funding sources and payment preferences based on transaction type and timing, all through a single digital credential.
Industry Leaders on One Credential’s Impact
“Being first to market with Mastercard’s One Credential allows us to deliver exactly what our digitally native customers demand—complete payment flexibility and control at their fingertips,” said Prateek Vahie, chief commercial officer at Wio Bank. “This digital-first solution allows customers to seamlessly switch between payment methods based on their needs.”
“At Marqeta, we are excited to be working with Mastercard to implement One Credential,” said Rahul Shah, chief product & engineering officer of Marqeta. “By integrating One Credential, we can help our embedded finance customers put control and flexibility directly in the hands of consumers.”
“We’re excited to partner with Mastercard on the launch of One Credential,” said Bo Jiang, CEO of Lithic. “This solution aligns with our commitment to making card issuing and payment solutions more accessible and intuitive.”
“This partnership with Mastercard exemplifies our commitment to driving innovation in the payments ecosystem,” said Amir Wain, CEO of i2c Inc. “By leveraging Mastercard One Credential and our cutting-edge technology, we’re empowering issuers to deliver exceptional experiences for their customers.”
“At Galileo, we are thrilled to collaborate with Mastercard on their One Credential solution,” said Derek White, CEO of Galileo Financial Technologies. “This innovation allows us to offer unrivaled simplicity and flexibility to our customers.”
“At Episode Six, we are proud to integrate Mastercard’s One Credential into our offerings,” said John Mitchell, CEO of Episode Six. “This technology enhances security and provides unparalleled simplicity in payment methods.”
Mastercard One Credential represents the future of seamless, personalized payment experiences, providing consumers and businesses with greater flexibility, control, and digital convenience.
