From CNBC: 2024-10-01 09:00:21

Mastercard has agreed to acquire Minna Technologies, a software firm that helps consumers manage subscriptions. The deal is part of the company’s expansion beyond credit and debit cards into technology services like fraud prevention. Visa is also rapidly expanding into new services like pay-by-bank payments.

Minna Technologies, based in Gothenburg, Sweden, helps consumers manage subscriptions within banking apps and websites. The company works with some of the world’s largest financial institutions, including Mastercard and Visa. The acquisition will enhance tools to manage the merchant-consumer relationship, reducing disruptions for consumers.

There are currently 6.8 billion subscriptions globally, expected to increase to 9.3 billion by 2028. Mastercard’s acquisition of Minna Technologies aligns with the trend of financial services companies expanding their product suite to remain competitive with fintech players. Visa is also introducing new services like Visa A2A, focusing on direct debits.

In 2020, Mastercard acquired Finicity, a US fintech firm enabling third parties to access consumers’ banking information for payments. By 2030, Mastercard plans to tokenize all cards issued in Europe, streamlining payment authentication. Visa, on the other hand, recently launched Visa A2A, facilitating direct debit payments for consumers.

Read more: Mastercard to buy subscription management startup Minna Technologies