Mastercard Helps U.S. Bank Cardholders Manage Digital Subscriptions

Mastercard has teamed with U.S. Bank to help the bank’s cardholders manage digital subscriptions.

The new solution created by the two companies and announced Wednesday (Oct. 15) lets cardholders view and manage their digital subscriptions directly within the U.S. Bank Mobile App and online banking.

“From streaming services to meal deliveries, subscriptions have become embedded in everyday life, yet managing them can be a challenge,” Mastercard said in a news release, pointing to an in-house survey that showed 72% of U.S. consumers wanting the ability to view and manage all their subscriptions within their banking app.

“We are constantly looking at new ways to add transparency and convenience to our cardholder experience,” said Chris Roncari, head of product and experience for consumer and small business payments at U.S. Bank.

“With digital subscription management and access to digital receipts powered by Mastercard, we’re helping cardholders not only simplify the many subscriptions in their life but have greater control and insight into their spending.”

According to the release, the partnership is designed to make it easier for U.S. Bank cardholders to avoid paying for unwanted or unused services while enjoying greater control over their digital spending.

Powered by Mastercard’s Ethoca, the technology lets cardholders access digital itemized receipts for transactions from “hundreds of participating merchants,” the companies said.

The partnership comes as the subscription economy “continues to evolve, presenting both challenges and opportunities for businesses and consumers alike,” as PYMNTS wrote earlier this year.

“With the global subscription market projected to reach $1.5 trillion this year, according to DarwinCX, companies are refining their strategies to attract and retain customers.”

The subscription industry, the report said, is seeing a shift toward more flexible and diverse pricing models. Tiered pricing is still a cornerstone strategy, with companies like Netflix and Spotify offering different access levels and features to accommodate a range of customer needs and budgets.

“This allows for personalized offerings and maximizes potential revenue,” the report added, pointing to PYMNTS data that shows that 46% of consumers are “deal chasers.”

These consumers will switch services to get a better deal, while other consumers can be enticed away from being loyal customers with a better price.

The post Mastercard Helps U.S. Bank Cardholders Manage Digital Subscriptions appeared first on PYMNTS.com.