A disposable credit card company from the US wrote 'recently' on their twitter
Canceling a subscription can be difficult, time consuming, and frustrating. Or it can be as easy as clicking a button and closing/pausing your [...] card.
So the way this works is that you have one virtual card per merchant/transaction and you can easily disable the card from the application (e.g. you sign up for a Netflix free trial and disable the card straight away).
My understanding is that if you fail to pay the company they can sue you for failure to pay and still demand the money in question. The one thing I can imagine affecting this is whether the company continued to provide the service in question (e.g. in the case of Netflix they will block your account when the payment fails), but I can't think of any legal basis how that would make a difference (as you still have a legal agreement to pay).