Mastercard has launched a new tool to control subscription management.

In partnership with Subaio, an alumnus of Mastercard’s startup programme, the company said that consumers will have an easy way to unsubscribe from unwanted services through their Mastercard banking provider.

The new tool gives users visibility into subscriptions and recurring payments within their digital banking platform, with Mastercard stating there will now be no need for users to exit one app and log into another, and that users can now unsubscribe from services directly within their digital banking app.

Research by Mastercard has found that consumers in the US have an average of 12 active subscriptions at any one time, with the subscription economy forecast to reach $1.5 trillion by 2025.

“Now more than ever, people want greater visibility over their monthly spending,” said Ajay Bhalla, president, cyber and intelligence at Mastercard. “This solution gives consumers direct control over their subscription payments through a single trusted source. This puts power back where it belongs — with the consumer.”

Mastercard said its partnership on the new tool is part of a broader strategy to introduce new consumer-centric functionality across banking services.

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