More than a million subscriptions ditched as living costs bite

Lloyds Bank has […] partnered with Swedish firm Minna Technologies and Visa in 2020 to launch the subscription management service.

The findings follow an earlier spike in people taking out subscriptions during the coronavirus pandemic. Lloyds said new regular subscription payments increased by 70% between January 2020 and March 2021.

Lloyds said the figures indicate people are undertaking a “subscription audit” following the lifting of pandemic restrictions and a rise in day-to-day costs.

Philip Robinson, director of payments at Lloyds Bank, said: “People are looking to take control and budget household spend.”