Mastercard has launched One Credential, a service which will allow consumers to pay in multiple ways according to their preferences.

Mastercard said that the service is aimed at younger generations who prefer using new methods of payments.

The digital service covers debit, credit and instalment options, with the company saying the move eliminates the need to juggle between different cards and payment methods.

One Credential allows users to tailor their payment preferences, such as using one account for daily expenses, a credit card for other expenses, and instalments for larger purchases.

Users can set up their preferences online or through an app, with Mastercard saying that users will have full control over how each transaction is funded, as well as have access to an overview of their spending.

According to research by Mastercard, 65 per cent of Gen Z want to manage all their finances in one place online.

Additionally, Mastercard said that despite seeing themselves as financially cautious, Gen Zers tend to spend more than save and are more mindful of their purchases, seeking personalised solutions.

Mastercard has already signed up customers and partners for the launch, including Bendigo and Adelaide Bank, Wio Bank and Marqeta.

The company added that it also plans to roll out One Credential for small businesses, providing them with more choice and control over how they pay.

“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 personalised to them. While Gen Z may be leading the way, the desire for personalisation spans generations.”

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