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Mastercard announces Smart Subscriptions

Wednesday 13 March 2024 11:11 CET | News

Mastercard has announced Smart Subscriptions, an Open Banking powered subscriptions management solution. 

As per the official announcement, this solution is set to help financial institutions easily plug into their consumer banking applications. Beyond basic management functions, Smart Subscriptions delivers individual spend analysis, expenditure categorisation, and personalised offers all in a single experience. It leverages Mastercard’s Subscriptions Control solution, introduced in 2023, that allows consumers to cancel, pause, and resume their subscriptions. 

Smart Subscriptions connects multiple accounts into one central hub using Mastercard’s Open Banking technology, provided by Finicity. The white-labeled, payment- and network-agnostic solution is configured to allow any bank to implement with a single, low-lift API.

Mastercard has announced Smart Subscriptions, an Open Banking powered subscriptions management solution.

Smart Subscriptions merges the needs for convenience and control, providing unique value to both financial institutions and consumers: Financial institutions can drive loyalty, increase engagement, and reduce chargebacks, while consumers benefit from a simple interface that unlocks greater visibility into their financial wellness and access to personalized insights and offers. 

Smart Subscriptions intends to meet the standards for effortless engagement that both banks and consumers demand. With sight into individual subscription activities, including detailed payment history, upcoming bills, and subscription cancellation, Smart Subscriptions enables greater transparency to where the consumer’s money is going and provides more tools to manage those transactions. And with personalised insights and tailored merchant offers, consumers can connect more deeply with their financial institution and save money at merchants they frequent, right within their banking app. 

Currently being piloted in the US, Mastercard’s Smart Subscriptions bridges the demand for comprehensive subscription management and personalised offers with the desire for enriched banking experiences and is expected to be available in additional markets later in 2024. 

Other recent updates from Mastercard

In March 2024, Mastercard partnered with paytech Nexi to support Open Banking payments in Europe. Specifically, Nexi selected Mastercard as its strategic partner for Open Banking account-based payments across the continent. The collaboration aims to leverage Mastercard Open Banking to facilitate ecommerce transactions through Nexi's gateways, serving merchants across Europe. 

In the same month, Mastercard and SAVA announced a partnership that will support MSMEs in Africa through innovative payments technology and infrastructure. Through the partnership, the two entities are set to provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online platform, powered by SAVA’s Payment Transaction System (PTS). This would include digital bank accounts and accounting integration tools, helping the MSMEs manage their company expenses more efficiently. 

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Keywords: Open Banking, banks, financial institutions, payments , product launch
Categories: Payments & Commerce
Companies: Mastercard
Countries: United States
This article is part of category

Payments & Commerce

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Mastercard

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