Introducing Mastercard’s Latest Acquisition: Minna Technologies
Mastercard recently announced its acquisition of Minna Technologies, a software firm specializing in helping consumers manage their subscriptions more efficiently. This strategic move is part of Mastercard’s broader initiative to expand its services beyond traditional credit and debit card offerings, diving into technology services like cybersecurity and pay-by-bank payments.
What makes Minna Technologies unique is its innovative technology that allows consumers to easily manage their subscriptions within their banking apps and websites, regardless of the payment method used for the subscriptions. This means that consumers can access all their subscriptions in a single view, providing a seamless experience for users.
Mastercard’s acquisition of Minna Technologies highlights the growing demand for subscription management tools in the financial services industry. With the increasing number of subscriptions globally, estimated to reach 9.3 billion by 2028 according to Juniper Research, there is a clear need for solutions that simplify the subscription management process.
This acquisition is just one of the many strategic moves Mastercard has made to stay competitive in the rapidly evolving fintech landscape. In 2020, the company acquired Finicity, a U.S. fintech firm specializing in open banking, and announced plans to tokenize all cards issued on its network in Europe by 2030.
Visa, Mastercard’s primary competitor, is also making strides in the digital payments space with the launch of Visa A2A, a service that simplifies direct debits for consumers. As financial services incumbents continue to innovate and adapt to the changing consumer landscape, we can expect to see more collaborations and acquisitions in the industry.
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