Capital One has officially introduced new subscription management tools to the Capital One mobile app.
The tool will allow consumers to review, block or cancel recurring charges from selected merchants with just a few taps, the bank said in an email to PYMNTS on Wednesday (October 16). He said it was a thing.
“Consumers often have no idea how much they are spending on these recurring services,” said Matt Kneis, senior vice president of premium experiences at Capital One, in a release. “We are always looking for opportunities to simplify and empower our customers’ financial lives.”
Capital One’s new subscription management tool allows customers to block or cancel subscriptions from selected merchants within the bank’s mobile app. View your upcoming subscription charges and find out when they are due. You can receive alerts about subscriptions that are about to be blocked, canceled, or renewed, according to the release.
The tool is integrated into the Capital One mobile app and is available at no additional charge, the release states.
The release says it’s designed to solve common subscription management pain points for consumers, such as tracking recurring charges and facing unexpected expenses.
“Whether it’s blocking charges to unnecessary subscription services or receiving alerts about upcoming payments, Capital One cardholders can feel safe and confident about how their money is being used. You can have it with you,” the release states.
PYMNTS Intelligence found in early 2023 that 56% of consumers canceled a retail subscription in the previous year due to cost. According to the PYMNTS Intelligence and Sticky.io joint study, “Subscription Commerce Readiness Report: Bridging the Gap between Subscription Conversion and Retention,” cost is the number one reason for canceling these subscriptions.
Atomic announced in May, at another previous product launch, that it introduced subscription management technology called PayLink Manage that can be added to banking apps. Using this technology, financial institutions allow account holders to view all recurring payments and make real-time changes within their banking app.
Mastercard announced in March that it was piloting a subscription management solution that financial institutions could add to their consumer banking services. Smart subscription solutions allow consumers to cancel, pause, and resume their subscriptions.
