Niacinamide is the third ingredient, and it is the best thing in this jar by a wide margin. Niacinamide has genuine evidence for barrier function, pigmentation and oil control — it is one of the most reliable ingredients in skincare.
It is fragrance-free, which is not something you can say about most of Olay's line.
The peptide it does contain — palmitoyl pentapeptide-4, better known as Matrixyl — is one of the better-studied ones.
It hydrates well and it is widely available. As a daily moisturizer, it is fine.
On the peptides — the same caveat we apply everywhere. A 2026 systematic review pooled 19 randomized peptide trials and found only two tested topical peptides; the wrinkle benefit came almost entirely from oral collagen supplements. Peptides are also large molecules, and the skin is very good at keeping large molecules out.
Peptides are gentle and well tolerated, and there is a real argument for them in skin that cannot handle retinoids. But be clear on the comparison: retinoids have decades of large, independent evidence. Peptides do not. Gentler, yes. Equally proven, no.