Today, Minna Technologies – the leading subscription management platform for retail banks – announces a strategic partnership with Visa. The global payments leader will work with Minna to scale its platform to Visa’s European retail banking clients, allowing them to drive more customer value by solving an everyday issue for many today: managing a growing number of subscriptions.
According to research conducted by Minna, Europeans are getting very frustrated with managing subscriptions services. On average, consumers in the region now spend €334 per month on seven different subscription services, and 1 in 3 unknowingly pay for services they no longer use. As customers demand more intuitive digital banking experiences, the partnership with Minna will help Visa’s bank clients to drive new engagement and revenues, by solving customers’ subscription-related problems.
Visa will work with Minna to enhance the functionality, simplicity, and security of its platform by implementing a number of Visa’s APIs. Bank customers using the Minna platform can now monitor subscription charges and payments; cancel subscriptions via their online bank; securely sign up to new subscription services without a card number, and ensure subscription service continuity even when cards are lost or stolen. The increased usability of the platform will subsequently allow banks to better serve the needs of consumers in an increasingly digital economy.
“We are beyond excited to enter a strategic partnership with Visa to help European banks deliver a best in class customer experience. This partnership makes it possible for us to accelerate our European growth plans, and to take our subscription management platform to the next level by leveraging Visa’s cutting edge APIs”, says Joakim Sjöblom, CEO, Minna Technologies.
“A critical part of our role as a network is to enable our clients to access simple, innovative solutions that make life easier and safer for their customers. The subscription economy plays an increasingly integral part of our everyday buying experiences. Our partnership with Minna will mean that our banking clients and partners can introduce an innovative new service within their banking apps, and utilize Minna’s existing relationships with a network of subscription billers” says Antony Cahill, Managing Director, European Regions, Visa.
About Minna Technologies
Launched in 2016, Minna Technologies is a Swedish FinTech startup on a mission to make subscription management easy. What began as a consumer app for subscription management (“Mina Tjänster”) has today become a bank integrated platform – helping retail banks across Europe to dramatically improve their customer experience. Today, Minna Technologies is an FSA-regulated open banking partner to several top tier banks in Europe. The company’s award-winning subscription management platform has saved more than €30M on behalf of its users. Read more at www.minnatechnologies.com
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
Joakim Sjöblom, Co-founder and CEO, Minna Technologies
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