We can already through PayPal, making it easy to unsub. But, guess what, service providers don't like that. Equally they'd not like a bank's solution.
However the payment card companies could handle this by facilitating subscriber to generate a new virtual card for each sub, then to cancel sub, cancel card. They'd need to qualify the current T&Cs which pass a charge through regardless.
"If you'd like to block a merchant and their recurring payments — please go directly to the merchant and ask them to stop recurring charges to your Wise card.
If you can't reach the merchant, or they haven't cancelled your subscription after you've asked, you can block future recurring charges to your Wise card through your Wise account."
I don't think that's standardized, it probably only has some heuristic to detect a subscription's associated payments and rejects them. It will not integrate in any way with merchants to cancel the subscription on their side, and in fact they suggest to first trying to cancel the subscription on the merchant side.
Is "not paying" effectively the same thing as unsubscribing?
I guess they could keep providing you the service and keep track of the debt you "owe" them. Once it becomes high enough they would find ways to claim the money.
Indeed. I tried once with a particularly shady company that required phone calls to unsubscribe. The service after 1 month unpaid, but the money was still owed and ultimately they sold the "debt" to one of those companies that will try to scare you into paying via threatening emails.
This needs to be augmented with a new bit of contract law which enables a new type of 'subscription' where the terms are set by law.
Those terms would include things like "payments are monthly, service automatically ends when payments end, etc."
As things stand today, plenty of consumers end subscriptions by blocking payment, which practically works, but opens the doors to a scumbag company bulk chasing all those unpaid subscriptions through the courts and getting leins on millions of homes for $150 each and templated court cases.
However the payment card companies could handle this by facilitating subscriber to generate a new virtual card for each sub, then to cancel sub, cancel card. They'd need to qualify the current T&Cs which pass a charge through regardless.