Mastercard pilots new Smart Subscriptions feature in the US powered by open banking

Mastercard, a global payments giant, has launched a new subscriptions management solution called Smart Subscriptions in the US.
The solution is designed to provide financial institutions with the capability to offer their customers greater transparency and control over their subscription-based payments.
Smart Subscriptions leverages the open banking technology of Mastercard’s subsidiary Finicity, along with its Subscriptions Control feature launched in the previous year.
Through a single hub, consumers can use the white-label solution to cancel, pause, and resume subscriptions, along with features for spend analysis, expenditure categorization, and reduced chargeback risk.
The solution is accessible through a low-lift API, providing institutions with a single consumer interface for implementation.
Mastercard aims for Smart Subscriptions to enhance consumer loyalty and engagement while offering improved visibility into financial wellness.
According to a self-run survey by Mastercard, 73% of consumers express interest in a tool to manage recurring subscriptions.
Raj Seshadri, President of Data and Services at Mastercard, emphasizes the importance of simplifying and streamlining the management of recurring subscriptions.
The company plans to expand the availability of the Smart Subscriptions solution to additional markets later in the year.