The payment corporation Mastercard has teamed up with Subaio, a graduate of the business’ startup engagement program Start Path, to provide customers the opportunity to unsubscribe from undesirable services.
Customers can view their subscriptions thanks to this solution. Regardless matter how the customer decides to pay, this is in addition to periodic payments within their digital banking platform. There is no need to log out of one app and into another. Through the collaboration between Mastercard and Subaio, customers can cancel their subscriptions to services right from the digital banking app.
People demand more insight into their monthly spending than before, according to Ajay Bhalla, president of Mastercard’s cyber and intelligence division. Through a single reliable source, this solution allows customers complete control over their subscription payments. This restores control to the consumer, which is where it should be.
In today’s subscription economy, we stand stronger by empowering consumers to make wise financial decisions thanks to Mastercard, according to Subaio CCO Frederrick Hamann. “We provide a simple, hassle-free subscription and payment management experience created to suit the requirements of today’s fast-paced consumers.
Within this digital generation, “our solutions cultivate a strong sense of commitment, driving growth for our partners.”
Restoring the people’s power
Financial institutions that give customers more spending control can cut costs while also saving merchants and issuers money on dispute settlements and relieving phone center load.
A larger Mastercard plan to roll out innovative consumer-centric solutions across functions is represented by this relationship. Issuers and merchants are better positioned to forge and maintain enduring relationships when consumers are enabled to manage and find subscriptions that are ideal for their everyday needs.
In North America and Europe, banks can now use Mastercard’s solution. Financial Institutions can give their clients subscription control, viewable digital receipts, and merchant information through a single API, streamlining their customers’ digital financial lives.
Collaboration and innovation between Mastercard and Subaio go back many years. In 2020, Subaio signed up for the Mastercard Start Path Program. In order to automate creditworthiness for financial institutions, it then partnered with Aiia, a Mastercard firm and open banking organization.