Mastercard announces today, in collaboration with Subaio, the launch of ‘Subscriptions Control’an innovative solution designed to allow consumers to easily manage your digital subscriptions.
Subscriptions Control by Mastercard, a new feature
In fact, this new solution reflects the large diffusion of subscriptions to digital services, from Cloud storage services to streaming and gaming services. For example, in the United States, consumers have an average of 12 active media and entertainment subscriptionswith a number growing to 17 millennials.
This demonstrates how the subscription economy is boomingso as to estimate the achievement of a value equal to US$1.5 trillion by 2025. However, the rapid diffusion of this recurring, as well as automatic, payment method implies a growing impossibility of being able to trace or cancel them in the best possible way. In fact, according to the data collected through the Mastercard circuit, This type of payment accounts for 21% of all chargebacksnegatively impacting merchants and issuers.
To respond to these challenges, therefore, ‘Subscriptions Control’ gives consumers the visibility and transparency they need about their associated subscriptions and recurring payments through their digital banking platformregardless of your preferred payment method. It also simplifies the customer journey, as it will be sufficient to unsubscribe directly from your digital banking application, without the need to log out and into other apps.
Financial institutions that enable consumers to better manage their spending can reduce operating costs while helping merchants and issuers reduce the costs generated by potential disputes, thus easing the pressure on call centers.
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Partnership as a Mastercard strategy
This partnership is part of Mastercard’s broader strategy to introduce new customer-centric solutions across all business functions. Giving the consumer the opportunity to manage and choose the subscriptions that best meet their needs has a positive impact on the relationship with exhibitors and issuers, creating solid bonds that last over time.
Where Subscriptions Control is available
The ‘Subscriptions Control’ solution is now available for banking institutions in Europe and North America. Through a single API, financial companies can therefore provide their customers with control over their subscriptions, as well as the ability to view digital receipts and merchant details, simplifying the consumer’s daily digital payments.
Mastercard and Subaio have been working together for years with the aim of promoting innovation: In fact, Subaio joined Mastercard’s ‘Start Path’ program in 2020 and, subsequently, he tightened una partnership with Aiiaa Mastercard company and leader in the open banking sector, for the automation of creditworthiness by financial institutions.