A new partnership has been announced between payments giant Mastercard and Minna Technologies, the subscription management platform, to cater to the growing demand for subscription services.
According to Juniper Research, there are currently 6.8 billion subscriptions globally, but this number is expected to jump to 9.3 billion by 2028. This is because subscription services offer a flexible payment option for customers wanting to save time and money.
Firms are also seeing a lot of value in them too. It’s a way to build long-term, deeper relationships with consumers. With the relationship established, subscriptions also provide a way to enable new experiences and deliver a product to the consumer quickly and easily, especially when so much of our lives are managed online.
However, there are times when that experience is not exactly as expected. Consumers who want to modify, extend or cancel a subscription, occasionally struggle to find ways to do it easily. Additionally, card payment blocks, a solution often used when frustrated consumers call into their banks can impede the ability of businesses to reengage consumers.
Combining forces
By joining forces with Minna Technologies, Mastercard is providing its customers with the ability to manage subscriptions within their banking applications and websites, pending regulatory review. Minna and its partners will add to the broader set of tools that help manage the merchant-consumer relationship and minimise any disruption in their experience.
The new partnership will allow merchants, financial institutions and payment networks to work together to provide consumers with the best possible experience.
To support the subscription experience that both people and businesses want, there are three additional focus areas where Mastercard are committed alongside its partners and customers:
Providing simplicity
The best customer experiences involve a straightforward and easy-to-use process. That includes consumers having access to all their subscriptions in a single view. Whether within the transaction in their banking apps or websites or in a central hub, Mastercard aims to deliver an easy to access view of subscriptions so people can sign up for, change, cancel or resubscribe to their favourite services.
Enabling clarity
The consumer should have no question about who they have subscriptions with and what they purchased. It comes down to activating solutions that provide consumers transparency (for example, digital receipts) that help reduce involuntary churn, minimise blocks and create greater value.
Growing relationships
The future of subscription management solutions must give merchants the ability to interact with their customers in real time, driving engagement, retention and growth. The investments that businesses make in their consumers must continue beyond the first transaction or onboarding them. Mastercard is strengthening these connections and supporting businesses in the ways in which they deliver loyalty, rewards and customised offerings to their consumers.
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