Citi has partnered with Mastercard to launch a subscription management tool in the UAE. The feature lets cardholders track and manage recurring payments through the mobile banking app.
The tool brings together all active digital subscriptions in one place, covering services such as streaming platforms and food delivery apps.
It runs on Ethoca, a Mastercard-owned technology unit. Ethoca also provides itemised digital receipts, helping cardholders see which merchant is billing them for a subscription.
For merchants, Mastercard says the tool can reduce chargebacks and cut down on unnecessary payment stops linked to subscription billing.
“The introduction of our Smart Subscriptions solution is a significant step in our joint efforts to shape the future of payments in the region,”
said Gina Petersen-Skyrme, Senior Vice President and Country Manager for the UAE and Oman at Mastercard.
“Our collaboration with Mastercard to launch Smart Subscriptions globally from the UAE underscores Citi’s commitment to delivering world-class digital capabilities that empower our clients,”
said Shamsa Al-Falasi, CEO of Citibank N.A., UAE and UAE Citi Country Officer and Banking Head.
Featured image: Edited by Fintech News UAE, based on image by Mastercard via its website.
