PURCHASE, N.Y.—It is one of the biggest aggravations for consumers in a post-pandemic world: attempting to unsubscribe from various monthly services that bill every month. In response, Mastercard reported it is partnering with Subaio to help make it easier to unsubscribe.
According to the company, the new offering provides consumers with visibility into their subscriptions and recurring payments within their digital banking platform, regardless of how the consumer chooses to pay.
“No need to exit one app and log into another; consumers can unsubscribe from services directly within their digital banking app,” Mastercard explained.
Benefits for FIs
According to Mastercard, financial institutions that enable consumers to better control their spend can reduce operational costs, while both merchants and issuers can also avoid the cost of disputes and alleviate pressure on call centers.
“This partnership is part of a broader Mastercard strategy to introduce new consumer-centric solutions across functions,” the company said.
Single API
It added that through a single API, financial institutions can provide their customers with subscriptions control, as well as the ability to view digital receipts and merchant details.
Mastercard’s solution is now available to banks in North America and Europe.
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