Payments

Mastercard intros Smart Subscriptions management solution

Photo: Adobe Stock

March 20, 2024

Mastercard unveiled Smart Subscriptions, an open banking management tool that financial institutions can integrate into their banking platforms. The tool provides spend analysis, personalized offers and categorization, and it also uses the Subscription Control solution to allow customers to cancel, pause or resume subscriptions, according to a press release.

Mastercard delivered the solution due to a survey that showed that 73% of consumers said they would be interested in a tool that could track, cancel or renew subscriptions. Smart Subscriptions offers insights into payment history and upcoming bills.

"No matter how many services you pay for, managing those recurring subscriptions should be simple and seamless," Raj Seshadri, president of data and services at Mastercard, said in the release. "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."