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Home»Business»Finance»Mastercard acquires Swedish startup specializing in simplifying subscription plan management and cancellations
Finance

Mastercard acquires Swedish startup specializing in simplifying subscription plan management and cancellations

News RoomBy News RoomOctober 1, 20240 ViewsNo Comments3 Mins Read
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Mastercard has agreed to acquire Minna Technologies, a software firm that helps consumers manage their subscriptions. The deal comes as Mastercard and Visa are expanding beyond credit and debit cards into technology services like cybersecurity and fraud prevention. The financial details of the transaction have not been disclosed and are subject to regulatory review. The acquisition will allow Mastercard to offer consumers a way to access all their subscriptions in a single view within their banking app or a central hub. Minna Technologies, based in Sweden, assists consumers in managing their subscriptions within their banking apps and websites, regardless of the payment method used.

Consumers today have multiple subscriptions to services like Netflix, Amazon, and Disney Plus, making it difficult to keep track of payments and cancellations. Mastercard notes that this can have a negative impact on merchants as consumers may reach out to their banks to block payments when they are unable to easily cancel subscriptions. Juniper Research data shows that there are 6.8 billion subscriptions globally, a number expected to increase to 9.3 billion by 2028. With the acquisition of Minna Technologies and other initiatives focused on subscriptions, Mastercard aims to enhance the management of the merchant-consumer relationship and minimize disruptions in the consumer experience.

To remain competitive with fintech players, financial services incumbents like Mastercard have been expanding their product suite to offer more digitally native ways to manage consumers’ financial needs. In 2020, Mastercard acquired Finicity, a US fintech firm that provides third parties access to consumers’ banking information for payments. The company also announced plans to tokenise all cards issued on its network in Europe by 2030, eliminating the need for manual card details entry and allowing authentication through biometrics like thumbprints. Visa, on the other hand, launched a service called Visa A2A to simplify the setup and management of direct debits, where payments are deducted directly from a bank account rather than a card.

Kangen Water

The acquisition of Minna Technologies by Mastercard signals a strategic move to enhance its subscription management services and compete with emerging fintech challengers. By offering consumers a convenient way to manage their subscriptions within their banking apps, Mastercard aims to streamline the payment experience and reduce disruptions for both consumers and merchants. As the number of global subscriptions continues to grow, financial services companies like Mastercard are investing in technology solutions to meet the evolving needs of consumers. With the acquisition of Minna Technologies and other strategic initiatives, Mastercard is positioning itself as a leader in subscription management and digital payment solutions in the evolving financial services landscape.

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