The news earlier this year of the launch of Mastercard One Credential deservedly attracted much attention. In as few words as possible, Mastercard One is a single, digitally connected credential with multiple ways to pay. It means that issuers can offer seamless selection between debit, credit, prepaid, and BNPL from a single credential. Given i2c’s role in the initiative as one of the first issuing processing partners and Perlman’s distinguished payments sector CV, he is ideally placed to comment on Mastercard One.
Douglas Blakey speaks with Seth Perlman, Global Head of Product, i2c
Perlman’s stellar CV
At i2c, Perlman is responsible for leading overall product development and commercialisation efforts. Prior to i2c, he led a portfolio of issuer-facing digital payments and portfolio management products for Visa, where he also held responsibility for Visa’s core consumer credit, debit, and prepaid product strategies.
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Other past senior roles include Global Head of Corporate Strategy for First Data, where he drove strategic initiatives for its issuer processing, network services, and acquiring businesses. He also held a senior strategy and product role at PayPal.
Founded in 2001 in Silicon Valley, i2c operates in every time zone around the world and processes for clients that are banks, credit unions and fintechs. Its platform is fully cloud enabled and cloud native, fully API driven and it allows really rapid deployment of solutions and card programmes for clients around the world.
“We’re one of the few issuer processors that can process debit and credit on a single tech stack, which makes it much easier to implement the type of product and capability that MasterCard has come to market with,” says Perlman.
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By GlobalDataHe adds that the partnership with MasterCard exemplifies its commitment to driving innovation in the payments ecosystem. And by leveraging MasterCard One and its cutting-edge technology, i2c is empowering issuers to deliver exceptional experiences for their customers.
Complete payment flexibility and control at consumers’ fingertips
Consumers needs are shifting rapidly, with digital natives craving choice and control over how they pay. The initiative provides cardholders with flexibility and control to choose the payment method that is best for them.
It enables issuers to enhance customer engagement and drive top of wallet behaviour, solidifying their status as the consumer’s primary financial provider. In addition, it enhances customer loyalty with a seamless, personalised payment experience that drives usage and relevance. By reaching consumers at the start of their financial journey, it means they can foster a lifelong relationship. It also offers consumer centric innovation, providing access to additional financial products through an innovative digital solution that drives preference and ease of management all through one unified offering within digital channels.
For debit, it provides simple, reliable and accepted payments across channels and borders. For instalments, it enables structured credit with global acceptance; for credit, it enables smarter credit utilisation and in prepaid, it expands functionality for everyday payment needs.
The rise of set it and forget it payments
Just about all of the key buzzwords apply to set it and forget it payments. Easy, convenient, frictionless, enhanced customer experience and trust just about cover it.
“It’s unique in that you would previously have had to pick your credential at the time of purchase. Now you can set parameters based on the transaction amount, maybe based on the payment channel, point of sale versus online, maybe even by category of merchant. That really gives you full control and automation about where you’d like to put payments. We see a lot of consumers who use, let’s say, both debit and credit cards. They might put all of their everyday spend onto debit, and many of their either higher ticket items or more one off and specialised purchases, such as vacations, car repairs maybe, onto credit.
The benefit of this is you run no risk of messing up if you’re able to set the rule ahead of time and ensure that it’s implemented. and really just use one credential to make a payment without worrying about the rules or the parameters that you’d like to set. We think it’s really a combination of products more so than a totally different way to pay, but it’s one that automates that consumer decision process.”
BNPL: regulation can boost take-up
On the rise of buy-now-pay-later, Perlman acknowledges that regulators view the product as one that may require greater regulation. But he is positive about the direction of travel.
“A lot of consumers don’t necessarily trust themselves with an open revolving credit line. So, as long as there’s prudent marketing of these products to consumers, proper disclosure, the rates and fees are fair and the safety and soundness of the lender is not compromised, it’s a very popular product and one that we’re happy to support. And you’ve continued to see the global payment networks make inroads to enable their issuers to put buy now, pay later, type financing options on their network. I wouldn’t say it’s a brand-new offering. It’s one that’s evolved over the last several years, and I think as regulators in different geographies put more constraints and more clarity around the right approach to it in that market, it may even kick off broader mainstream adoption of buy, now, pay later.”
