Register a company in the United Kingdom and get a Payoneer account in just 3 days!
Mastercard Unveils “Smart Subscriptions”: Your All-in-One Tool to Manage Recurring Payments
Mastercard is making it easier to manage those ever-growing subscriptions with the launch of Smart Subscriptions. This new tool, powered by open banking technology, integrates seamlessly into bank apps, giving users a central hub to track, cancel, pause, or renew their subscriptions.
The demand for such a tool is clear: a Mastercard survey found that 73% of people would welcome a subscription management solution, and 60% trust their bank to provide it.
Here’s what Smart Subscriptions offers:
- Connect all your subscriptions from various accounts into a single, easy-to-use dashboard.
- Cancel, pause, or resume subscriptions with just a few clicks.
- Get personalized spending breakdowns and categorize your subscription costs.
- Receive targeted offers based on your subscription habits.
Benefits extend beyond users. Banks can leverage Smart Subscriptions to:
- Offer a valuable service that simplifies financial management.
- Keep customers coming back to their banking app.
- Empower users to manage subscriptions effectively, minimizing accidental charges.
Currently piloted in the US, Smart Subscriptions is expected to roll out globally later this year. As Raj Seshadri, president of data and services at Mastercard, says, “Smart Subscriptions makes managing subscriptions effortless, fostering a win-win situation for both banks and consumers.”
At International Fintech Business (IFB), we help to connect companies to VISA, MasterCard, and China Union Pay payment methods. Contact us today!
