Companies to co-develop new features using Mastercard One Credential, giving consumers multiple ways to pay

PURCHASE, N.Y.: Mastercard (NYSE: MA):

What we are saying

• Mastercard and PayPal are teaming up to offer shoppers more choice and control over how they check out.
• Mastercard has innovated One Credential so that consumers can use a single credential that delivers multiple ways to pay and tailor their payment preferences.
• Whether shopping online or in store, shoppers will be able to use a single credential – no more juggling between multiple cards or payment methods.
• Now, Mastercard and PayPal will have the opportunity to codevelop new features utilizing Mastercard’s One Credential and bring these solutions to more consumers.
• Mastercard and PayPal are excited to partner on bringing innovative payment solutions to customers.

What it means

• Today’s digitally savvy consumers are driving a paradigm shift in payments, demanding choice, control and personalization. Gen Zers, in particular, are embracing personalized solutions tailored to their preferences, according to Mastercard research.
• These insights sparked the creation of One Credential, announced earlier this year, with several key partners committing to bring the solution to consumers globally.
• As consumers’ preferences evolve throughout their lives, financial institutions can offer more ways to pay. With a single card and a simple Digital First experience, consumers can access multiple payment options as they progress on their financial journeys.

Hear from the experts

• "We are excited for the opportunity to innovate together with Mastercard,” said Chris Sweetland, SVP of Partnerships at PayPal. “We both want to reduce friction for consumers and bring them more power over how they pay.”
• “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,” said Bunita Sawhney, Chief Consumer Product Officer at Mastercard. “With One Credential, we’re delivering the personalized digital experiences that build consumer confidence and trust.”

Going deeper

• One Credential can also help PayPal users build healthier financial habits, as they progress from debit to structured credit, such as installments, on their path to credit worthiness.
• Mastercard is rolling out One Credential as a network-level capability worldwide, enabling issuers at scale to empower consumers with choice and control.
• This extends Mastercard and PayPal’s longstanding partnership on payments solutions, including PayPal Debit Mastercard and PayPal Business Debit Mastercard.

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

About PayPal

For over 25 years, PayPal has been at the forefront of the digital commerce revolution. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.

Fonte: Business Wire