Joining forces with Subaio, Mastercard now offers subscriptions control solution which is simple, secure way to identify and unsubscribe from recurring payments via banks’ trusted apps and online servicing
From dinner kits and treat boxes for Fido, to streaming and gaming services, today’s consumers have more subscriptions than ever before. In the U.S. alone, consumers have an average of 12 media and entertainment subscriptions, with millennials averaging 17. The subscription economy is booming and is expected to reach $1.5 trillion by 2025. However, the growth of these types of transactions means it’s increasingly challenging for consumers to keep track of – or unsubscribe from – their many recurring payments.
Mastercard has partnered with Subaio, an alumnus of the company’s award-winning startup engagement, Start Path, to empower consumers to unsubscribe from unwanted services. This solution provides consumers with visibility into their subscriptions and recurring payments within their digital banking platform, regardless of how the consumer chooses to pay. No need to exit one app and log into another, consumers can unsubscribe from services directly within their digital banking app.
“Now more than ever, people want greater visibility over their monthly spending,” said Ajay Bhalla, president, Cyber & Intelligence, Mastercard. “This solution gives consumers direct control over their subscription payments through a single trusted source. This puts power back where it belongs — with the consumer.”
“Together with Mastercard, we stand stronger in empowering consumers to make informed financial decisions in today’s subscription economy,” said Frederrick Hamann, CCO, Subaio. “We deliver a smooth, hassle-free experience for controlling subscriptions and payments, designed to meet the needs of modern consumers’ fast-paced lifestyles. Our solutions cultivate a strong sense of commitment within this digital generation, driving growth for our partners.”
Financial Institutions that enable consumers to better control their spend can reduce operational costs, while both merchants and issuers can also avoid the cost of disputes and alleviate pressure on call centers.
This partnership is part of a broader Mastercard strategy to introduce new consumer-centric solutions across functions. When consumers are empowered to manage and discover subscriptions that are right for their everyday needs, issuers and merchants are better positioned to create and maintain long-lasting connections.
Mastercard’s solution is now available to banks in North America and Europe. Through a single API, Financial Institutions can provide their customers with subscriptions control, as well as the ability to view digital receipts and merchant details – simplifying consumers’ digital financial lives.
Mastercard and Subaio have a history of collaboration and innovation. Subaio joined the Mastercard Start Path Program in 2020 and went on to partner with Aiia, a Mastercard company and open banking leader, to automate creditworthiness for financial institutions.
Source: Mastercard
