In the US, consumers have an average of 12 media and entertainment subscriptions, with millennials averaging 17.

Mastercard says that the growth of these types of transactions means it’s increasingly challenging for people to keep track of - or unsubscribe from - their many recurring payments.

The payments giant has joined forces with one of its Start Path startup programme firms, Subaio on a solution being offered to banks in North America and Europe.

Through a single API, banks can provide their customers with subscriptions control, as well as the ability to view digital receipts and merchant details, all from within the bank mobile app.

Ajay Bhalla, president, cyber and intelligence, Mastercard, says: “This solution gives consumers direct control over their subscription payments through a single trusted source. This puts power back where it belongs — with the consumer.”