The acquisition of Minna Technologies comes as Mastercard and its primary payment network rival Visa are rapidly attempting to expand beyond their core credit and debit card businesses into technology services, such as cybersecurity, fraud prevention, and pay-by-bank payments.
The payments giant said that the deal, along with other initiatives it’s committed around subscriptions, will allow it to give consumers a way to access all their subscriptions in a single view — whether inside their banking app or a central ‘hub.’
Mastercard declined to disclose financial details of the transaction which is currently subject to a regulatory review.
Minna Technologies, which is based in Sweden, develops technology that helps consumers manage subscriptions within their banking apps and websites, regardless of which payment method they used for their subscriptions.
The company said it works with some of the world’s largest financial institutions. It already counts Mastercard as a key partner as well as its rival Visa
These teams and technologies will add to the broader set of tools that help manage the merchant-consumer relationship and minimise any disruption in the experience of Mastercard’s customers.
Consumers frequently juggle numerous subscriptions across services like Netflix, Amazon, and Disney Plus. Managing multiple subscriptions can make cancellations challenging, as people may lose track of what they're paying for and when.
Mastercard highlighted that this can negatively affect merchants, as frustrated consumers may contact their banks to block further payments when they can't easily cancel their subscriptions.
According to Juniper Research data, there are 6.8 billion subscriptions globally, a number that’s expected to jump to 9.3 billion by 2028.
Financial services incumbents such as Mastercard have been rapidly growing their product suite to remain competitive with emerging fintech players that are offering more convenient, digitally native ways to manage consumers’ money management needs.
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