Mastercard and Subaio partner to help consumers control subscriptions
By Delisha Fernandes
Mastercard has partnered with Subaio, an alumnus of the company’s startup engagement, Start Path, to empower consumers to unsubscribe from unwanted services.
This solution provides consumers with visibility into their subscriptions and recurring payments within their digital banking platform, regardless of how the consumer chooses to pay. No need to exit one app and log into another. Consumers can unsubscribe from services directly within their digital banking app.
“Now more than ever, people want greater visibility over their monthly spending,” said Ajay Bhalla, president, Cyber & Intelligence, Mastercard. “This solution gives consumers direct control over their subscription payments through a single trusted source. This puts the power back where it belongs — with the consumer.”
This partnership is part of a broader Mastercard strategy to introduce new consumer-centric solutions across functions. When consumers are empowered to manage and discover subscriptions that are right for their everyday needs, issuers and merchants are better positioned to create and maintain long-lasting connections.
“Together with Mastercard, we stand stronger in empowering consumers to make informed financial decisions in today’s subscription economy,” said Frederick Hamann, CCO of Subaio. “We deliver a smooth, hassle-free experience for controlling subscriptions and payments, designed to meet the needs of modern consumers’ fast-paced lifestyles. Our solutions cultivate a strong commitment within this digital generation, driving growth for our partners.”
Financial institutions that enable consumers to control their spending better can reduce operational costs. At the same time, both merchants and issuers can also avoid the cost of disputes and alleviate pressure on call centres.
Mastercard’s solution is now available to banks in North America and Europe. Through a single API, Financial institutions can provide their customers with subscription control and the ability to view digital receipts and merchant details – simplifying consumers’ digital financial lives.
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