Mastercard & Subaio
Mastercard launches subscription control solution.
Mastercard introduced a new function with the intention of providing customers with complete and unhindered control over their subscriptions. The launch of this program coincides with the ongoing expansion of the subscription economy, which is anticipated to reach USD 1.5 trillion by the year 2025. Through the new approach, individuals are able to monitor and terminate subscriptions directly through their banking applications, eliminating the need for them to engage with the cancellation process that is often required by subscription providers. "Now more than ever, people want greater visibility over their monthly spending," says Ajay Bhalla, president of Cyber & Intelligence at Mastercard. "What's more, they want to see what they're spending."
Through the use of a single reliable source, this system provides customers with direct control over their subscription payments. This places the power back where it should be, which is with the consumer. The subscription management tool that Mastercard provides is currently available to financial institutions in both North America and Europe. This service is offered as a white-label option. The Danish fintech company Subaio, which participated in Mastercard's accelerator program for later-stage businesses in the year 2020, was the provider of this product.