Mastercard has unveiled Smart Subscriptions, an open-banking-powered subscription management solution that financial institutions can plug into their consumer banking applications.
Beyond basic management functions, Smart Subscriptions delivers individual spend analysis, expenditure categorisation and personalised offers all in a single user-friendly experience. It leverages Mastercard’s Subscriptions Control solution, introduced in 2023, that allows consumers to cancel, pause and resume their subscriptions.
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According to a Mastercard survey, 73% of consumers indicated they’d be interested in a tool that would help them identify, track, cancel, or renew subscriptions, and 60% of consumers trust their bank with such a tool. Smart Subscriptions connects multiple accounts into one central hub using Mastercard’s open banking technology, provided by its US open banking arm Finicity.
Smart Subscriptions is currently being piloted in the US
The white-labelled, payment and network-agnostic solution is configured to allow any bank to implement with a single, low-lift API. Smart Subscriptions merge the needs for convenience and control, providing unique value to both financial institutions and consumers. Financial institutions can drive loyalty, increase engagement, and reduce chargebacks, while consumers benefit from a simple interface that unlocks greater visibility into their financial wellness and access to personalised insights and offers.
Raj Seshadri, president of Data & Services at Mastercard, said: “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.”
With sight into individual subscription activities, including detailed payment history, upcoming bills, and subscription cancellation, Smart Subscriptions enables greater transparency to where the consumer’s money is going and provides more tools to manage those transactions. With personalised insights and tailored merchant offers, consumers can connect more deeply with their financial institution and save money at merchants they frequent, right within their banking app.
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