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Mastercard Inc.’s One Credential, just announced last week, already is seeing some recruiting success with payments-technology provider i2c Inc. enrolling as one of the first issuing-processing partners.
The Mastercard One Credential is a digital-payment service that supports multiple payment methods, such as credit, debit, and prepaid, as well as installment loans, on a single card.
A One Credential user can opt to pay for household expenses using her checking account and pay for larger purchases using an installment loan. Users can also set dollar-amount limits that trigger the account that will be used to pay for a purchase, such as any purchase over $100 automatically being charged to the user’s credit card. Users can set their preferences online or through the One Credential app, which also provides an overview of users’ spending.
Participating as a One Credential partner will help i2c’s issuing customers, the company says. “The real advantage for issuers lies in preparing payment infrastructure now—before these capabilities become the industry standard,” Amir Wain, i2c founder and chief executive, says in a statement. “By offering a seamless, personalized payment experience, issuers can foster deeper customer relationships, drive higher transaction volumes, and stay ahead in a market where choice and convenience are paramount.” Mastercard and i2c have been partners for more than 20 years.
Visa Inc. has a similar product, the Visa Flexible Credential.
In other Mastercard news, blockchain-technology firm Ondo Finance says it joined the Mastercard Multi Token Network. That service connects financial institutions with businesses to improve cross-border payments, Ondo says.
Ondo will integrate real-world assets—defined as tokenized versions of tangible assets that exist in the physical world, according to CoinGecko.com—into the Multi Token Network. Ondo says this marks one of the first live instances of connectivity between a private payments network and tokenized assets on public blockchains.
In yet more Mastercard news, the card network says Richard R. Verma, who originally joined the company in 2000, has returned as chief administrative officer. Verma was one of the lead lawyers when Mastercard became a publicly traded company in 2006.
Mastercard also moved Tim Murphy, whom Verma is replacing, to the vice chair position. Both positions are effective May 1.
