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TLDR:
- Mastercard introduces Smart Subscriptions for managing subscriptions within consumer banking apps.
- Smart Subscriptions offers spend analysis, categorization, and personalized offers, and allows consumers to cancel, pause, and resume subscriptions.
Mastercard has launched Smart Subscriptions, a solution powered by open banking technology that enables consumers to manage their subscriptions directly within their banking apps. This new solution offers features such as spend analysis, categorization, and personalized offers. Smart Subscriptions allows consumers to have greater control over their subscriptions by providing options to cancel, pause, and resume them as needed. The solution is powered by Mastercard’s open banking technology and connects multiple accounts into one central hub using a single API provided by Finicity. This payment- and network-agnostic solution is currently undergoing testing in the US and is expected to expand to other markets later this year.
The introduction of Smart Subscriptions addresses the consumer demand for better subscription management tools within their banking apps. With the ability to track payment history, upcoming bills, and subscription cancellations, consumers gain more transparency into their spending habits. The personalized insights and tailored merchant offers provided by Smart Subscriptions aim to enhance the overall banking experience and promote loyalty among consumers. With the growing importance of subscription management and personalized offers in the financial industry, Mastercard’s Smart Subscriptions is a step towards meeting these evolving consumer needs.
