- Mastercard, a payment solution company, is currently piloting a new subscription management system in the US, aiming to empower financial institutions to offer clients enhanced control over their subscription payments.
- Leveraging the technology of its subsidiary, Finicity, Mastercard’s innovative Smart Subscriptions service enables customers to centrally manage, suspend, and resume subscriptions, streamlining the process through a centralised platform.
OUR TAKE
Mastercard is piloting an enhanced subscription management system in the U.S. This move has potential to offer customers the convenience of managing, suspending, and restarting subscriptions in a single platform. Centralising subscription management provides users with a unified platform to manage all their subscriptions in one place, which enhances convenience and simplifies the user experience. This centralised approach also allows for better tracking and oversight of subscription expenses, leading to improved financial management for users. Centralisation enables companies to implement more robust security measures and better protect user data, reducing the risk of breaches or unauthorised access.
–Sylvia Shen, BTW Reporter
The multinational payments company Mastercard is now testing a new subscription management system in the US with the goal of empowering financial institutions to provide their clients with greater control over their subscription-based payments.
Mastercard introduces an enhanced subscription feature
Utilising the technology of its subsidiary, Finicity, a startup providing financial data, Mastercard’s new Smart Subscriptions service allows customers to manage, suspend, and restart subscriptions all from one centralised platform.
According to the company, the white-label solution, enables spend analysis, expenditure categorisation, and a lower chance of chargebacks. This feature will assist boost user loyalty and improve engagement while offering more visibility into financial well-being.
Also read: Atome and Mastercard team up to grow Philippines gaming market
Also read: Mastercard survey reveals high demand for subscription management
Self-run survey reveals demand
Based on Mastercard’s self-run survey, 73% of customers are reportedly “interested in a tool that would help them identify, track, cancel, or renew subscriptions.”
Raj Seshadri, president of data and services at Mastercard, commented on the survey result: “No matter how many services you pay for, managing those recurring subscriptions should be simple and seamless.”
According to Mastercard, the Smart Subscription feature will be available in other markets.
