Mastercard has unveiled a new subscription management solution aimed at enhancing consumer banking offerings. The Smart Subscriptions solution, currently in pilot phase in the United States, empowers consumers to effortlessly manage their recurring subscriptions, offering features such as cancellation, pause, and resume options. Additionally, the solution provides insights into spending patterns, upcoming bills, and personalized offers from merchants, ensuring a seamless and personalized experience for users.
Powered by Mastercard's U.S. open banking arm, Finicity, Smart Subscriptions utilizes open banking technology to aggregate multiple accounts into a central hub. This white-labeled solution, accessible via a single API, can be integrated by any financial institution, offering flexibility and compatibility with various payment and network options. Mastercard's initiative aims to meet the increasing demand for convenience and control in subscription management, providing value to both financial institutions and consumers. Leveraging insights from previous solutions like Subscription Control, Mastercard continues to innovate in the subscription management space, aligning with consumer preferences and industry trends highlighted by PYMNTS Intelligence.
