Mastercard has partnered with Subaio to enable consumers to manage and unsubscribe from unwanted services in the booming subscription economy. Through this collaboration, consumers can have a comprehensive view of their subscriptions and recurring payments within their digital banking app, streamlining the process of controlling their spending.
NEW YORK, 30 Jun 2023 – Mastercard, a global leader in financial technology, has announced its collaboration with Subaio, a successful participant in Mastercard’s Start Path startup engagement program, to empower consumers in managing their subscriptions. With this innovative solution, consumers gain visibility and control over their recurring payments directly within their digital banking app, simplifying the process of unsubscribing from unwanted services.
The subscription economy is thriving, with consumers in the United States alone having an average of 12 media and entertainment subscriptions, and millennials averaging 17. To address the challenges of managing multiple recurring payments, Mastercard and Subaio have joined forces to provide a seamless and hassle-free experience for consumers.
Through this partnership, consumers will have a comprehensive view of their subscriptions and recurring payments within their digital banking platform, regardless of their chosen payment method. By eliminating the need to switch between different apps, customers can conveniently unsubscribe from services directly within their digital banking app.
Ajay Bhalla, President of Cyber & Intelligence at Mastercard, highlighted the importance of empowering consumers in gaining control over their monthly spending. He stated, “This solution gives consumers direct control over their subscription payments through a single trusted source. This puts power back where it belongs — with the consumer.”
Frederrick Hamann, CCO of Subaio, expressed excitement about the collaboration, emphasizing the aim of enabling consumers to make informed financial decisions in today’s subscription-driven economy. He stated, “Our solutions cultivate a strong sense of commitment within this digital generation, driving growth for our partners.”
Financial institutions that implement this solution can reduce operational costs, while both merchants and issuers can avoid the expenses associated with disputes and alleviate pressure on call centers. Mastercard’s focus on introducing consumer-centric solutions aims to foster lasting connections between issuers, merchants, and consumers.
The subscription control solution offered by Mastercard and Subaio is now available to banks in North America and Europe, allowing financial institutions to provide their customers with enhanced control over their subscriptions, along with the ability to view digital receipts and merchant details, streamlining consumers’ digital financial experiences.
Mastercard and Subaio have a history of successful collaboration and innovation. Subaio, a member of the Mastercard Start Path Program since 2020, previously partnered with Aiia, a Mastercard company, to automate creditworthiness for financial institutions.