Mastercard announced on Tuesday that it has agreed to acquire Minna Technologies, a Swedish software firm specializing in subscription management solutions. This strategic move aims to bolster Mastercard’s capabilities in the technology services sector, as the payments giant seeks to expand beyond its traditional credit and debit card offerings into areas such as cybersecurity, fraud prevention, and bank payment solutions.

While the financial terms of the acquisition have not been disclosed, it is currently pending regulatory review. Mastercard stated that this acquisition, along with its ongoing initiatives related to subscriptions, will enable consumers to manage all their subscriptions in one centralized location, whether through a banking app or a dedicated hub.

Minna Technologies, based in Gothenburg, Sweden, develops tools that allow consumers to oversee their subscriptions across various platforms, regardless of payment method. The company collaborates with some of the largest financial institutions globally, including Mastercard and its primary competitor, Visa.

In a blog post, Mastercard emphasized that integrating Minna’s technology will enhance tools designed to manage the merchant-consumer relationship and improve overall user experience. With many consumers juggling multiple subscriptions to services like Netflix, Amazon, and Disney+, the ability to track and manage these payments is increasingly critical. Difficulty in canceling subscriptions can lead consumers to request payment blocks from their banks, ultimately affecting merchants negatively.

According to Juniper Research, the number of global subscriptions is projected to rise from 6.8 billion to 9.3 billion by 2028. To remain competitive against emerging fintech firms offering innovative money management solutions, financial incumbents like Mastercard have been actively diversifying their product offerings.

In 2020, Mastercard acquired Finicity, enabling third parties to access consumer banking information for payments. Earlier this year, the company announced plans to tokenize all cards issued on its European network by 2030, allowing consumers to authenticate payments using biometric methods rather than manual entry.

Similarly, Visa is also adapting to the competitive landscape; last month, it launched Visa A2A, a service that streamlines direct debit management for consumers.