Major payment company master card has agreed to acquire Minna Technologies, a company that helps consumers manage subscriptions through banking apps and websites, pending regulatory approval.
The acquisition aims to strengthen Mastercard’s suite of services by providing consumers with an easy way to process their subscriptions.
According to Juniper Research, the global subscription market is growing rapidly, currently at 6.8 billion and expected to reach 9.3 billion by 2028. Mastercard sees an opportunity to improve the subscription experience for both consumers and businesses.
Minna’s technology integration allows users to more easily view, change and cancel their subscriptions within their banking platform.
Minna’s services are payment scheme agnostic, providing greater flexibility across different financial systems.
The acquisition is part of Mastercard’s broader efforts to simplify and enhance the subscription process.
Gaurav Mittal, Chief Executive Officer and Executive Vice President of Mastercard Company Esokha, said:
“Minna’s payment scheme agnostic service allows consumers to manage their subscriptions within their banking application or website. Minna currently works with some of the world’s largest financial institutions.
These teams and technologies add to a broader toolset that helps you manage merchant-consumer relationships and minimize disruption to the experience. ”
Amanda Messler, Chairman and CEO of Minna Technologies, said:
“This is a great recognition of Minna Technologies’ strength, growth and impact in partnering with top banks, fintechs and subscription businesses to power the global subscription economy.
We look forward to joining Mastercard’s world-class team and helping businesses provide consumers with control, convenience and flexibility in managing their subscriptions and recurring payments. ”
Featured image credit: Edited from freepic
