- Mastercard, a global payments giant, has launched a new subscriptions management solution called Smart Subscriptions in the US.
- The solution is designed to provide financial institutions with the capability to offer their customers greater transparency and control over their subscription-based payments.
- Smart Subscriptions leverages the open banking technology of Mastercard’s subsidiary Finicity, along with its Subscriptions Control feature launched in the previous year.
- Through a single hub, consumers can use the white-label solution to cancel, pause, and resume subscriptions, along with features for spend analysis, expenditure categorization, and reduced chargeback risk.
- The solution is accessible through a low-lift API, providing institutions with a single consumer interface for implementation.
- Mastercard aims for Smart Subscriptions to enhance consumer loyalty and engagement while offering improved visibility into financial wellness.
- According to a self-run survey by Mastercard, 73% of consumers express interest in a tool to manage recurring subscriptions.
- Raj Seshadri, President of Data and Services at Mastercard, emphasizes the importance of simplifying and streamlining the management of recurring subscriptions.
- The company plans to expand the availability of the Smart Subscriptions solution to additional markets later in the year.
