Mastercard has purchased Minna Technologies, an embedded subscription management service, for an undisclosed amount.

Minna Technologies says it is the only business to business to consumer (B2B2C) platform with an automated subscription management engine, bank-grade compliance, and global subscriptions and payments coverage.

It currently has over 120 million users and has partnerships with several banks including Lloyds Banking Group, ING and Swedbank.

Explaining the reason for the purchase Gaurav Mittal, executive vice president of Mastercard’s Ethoca business – which deals with fraud and chargebacks – said that subscriptions play a “big role” in people’s lives as they are used for everything from healthcare and dating to delivery and entertainment.

The move comes as the number of global subscriptions is expected to grow from 6.8 billion this year to 9.3 billion by 2028, according to figures from Juniper Research.

Mittal added that businesses see value in subscriptions as they build deeper customer relationships.

“At the end of the day, all of us involved in subscriptions – merchants, financial institutions, payment networks and others – can collectively create a win-win approach for each of us and most importantly, for the consumer,” Mittal said. “There is already a lot of work being invested in this space.

“And we see an opportunity to do more together.”

The deal is subject to regulatory approval.

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