Mastercard pilots new Smart Subscriptions feature in the US powered by open banking
Global payments giant Mastercard is currently piloting a new subscriptions management solution in the US designed to enable financial institutions to provide their customers with more transparency over their subscription-based payments.
Mastercard unveils new Smart Subscriptions feature
Leveraging the open banking technology of its subsidiary Finicity, as well as its Subscriptions Control feature, which was launched last year, the company’s new Smart Subscriptions offering enables consumers to cancel, pause and resume subscriptions from a single hub.
The company says the white-label solution allows for spend analysis, expenditure categorisation and a reduced risk of chargebacks, supported by a single consumer interface which institutions can implement through a low-lift API.
It claims this capability will help drive consumer loyalty and increased engagement while providing greater visibility into financial wellness.
Citing a recent self-run survey, the company says that 73% of consumers are “interested in a tool that would help them identify, track, cancel, or renew subscriptions”.
“No matter how many services you pay for, managing those recurring subscriptions should be simple and seamless,” explains Raj Seshadri, president of data and services at Mastercard.
The firm plans to make the new solution available in additional markets “later this year”.
