Mastercard has launched an open banking-powered subscriptions management tool that banks can plug into their apps.
In brief:
- According to a Mastercard survey, 73% of people say they’d be interested in a tool that would help them identify, track, cancel, or renew subscriptions, and 60% trust their bank with such a tool.
- Smart Subscriptions connects multiple accounts into one central hub using Mastercard’s open banking technology, provided by Finicity.
- Bank customers can cancel, pause and resume their subscriptions, while also receiving individual spend analysis, expenditure categorisation, and personalised offers.
What does this mean?
Raj Seshadri, president, data and services, Mastercard, says: "No matter how many services you pay for, managing those recurring subscriptions should be simple and seamless.
"Smart Subscriptions acts on that insight, meeting the standards for effortless engagement that both banks and consumers demand. And when those standards are met, the true metric of success is loyalty."
