Mastercard is acquiring Minna Technologies, a startup that develops software to optimize subscription management. This was reported by CNBC.

The acquisition will help Mastercard expand beyond its core business of issuing credit and debit cards. The company plans to provide technology services such as cybersecurity, fraud prevention and cashless payments.

Mastercard declined to disclose financial details of the transaction, which is currently under review by regulators.

The payments giant said that this deal, along with other subscription initiatives, will allow consumers to access all their subscriptions in a single place.

Swedish company Minna Technologies is developing technology to help consumers manage subscriptions in their banking apps, regardless of the payment method they used.

According to Juniper Research, there are currently 6.8 billion subscriptions paid globally, and this number is expected to grow to 9.3 billion by 2028.

By the way, Visa is also making moves to optimize subscriptions. Last month, the company launched a new service called Visa A2A, which makes it easier for consumers to set up and manage direct debits.