Mastercard Targets Easier Subscription Management With Minna Technologies Acquisition

Minna Technologies will deploy tools to help Mastercard consumers access easy tracking and management of app subscriptions.

By Thea Felicity theafelicity1309

Oct 01 2024, 10:08 AM EDT

ECONOMY MASTERCARD CREDITCARD — This picture shows a Mastercard credit card, Thursday 01 August 2024. NICOLAS MAETERLINCK/BELGA MAG/AFP via Getty Images

On Tuesday, Mastercard revealed its plans to simplify consumer subscription management through a startup acquisition.

The startup in question is Minna Technologies, which is a software firm that will allow consumers to manage card subscriptions, according to CNBC easily. Along with its competitor, Visa, Mastercard's move is only the first step in its goal to grow its services beyond tradition.

Mastercard hopes to offer additional services, such as bank-to-bank payment options, cybersecurity, and fraud prevention.

Mastercard's Deal with Minna Technologies

While Mastercard has yet to reveal the financial aspect of its Minna Technologies acquisition publicly, it will still undergo regulators before it reaches finalization.

According to Mastercard's official website, Minna, a Swedish company, has a reputation in subscription management technology and has already partnered with major financial companies. The goal was to minimize any known and future disruption to consumer experience with a set of tools.

Consumers struggling to keep track of multiple app subscriptions will be helped by Minna's expertise. At the same time, it also reduces piling up customer service contacts for Mastercard for people who want to block payments instead of managing subscriptions directly.

This is not the first time Mastercard has answered in-demand consumer dilemmas as they have been partnering with other fintech companies to make their experience easier. In 2020, the same CNBC report noted that Mastercard bought Finicity to access consumer info so they could easily make payments on their behalf.

Earlier this year, VCPost also learned that Mastercard will issue tokens to all cards in Europe in 2030 for a seamless payment option where consumers won't have to enter card details manually anymore.