Visa has launched Subscription Manager, a new, all-in-one service for financial institutions to provide Visa cardholders with a simple, convenient way to track their subscriptions, all from the palm of their hands.
The global subscription market is on a steady rise, expected to reach $406bn by 2025. Specifically, consumers are increasingly subscribing to services in sectors such as retail, food and more increases. With this comes the challenge for consumers to manage their payments across a web of apps.
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Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled. Visa’s new Subscription Manager streamlines key aspects of recurring payments in one place. It allows cardholders to see where their card details are stored. And they can view which recurring payments are attributed to their card, and stop recurring payments.
Consumers trapped in a cycle of confusing charges: Visa
“Managing subscriptions can often feel like a maze. Consumers sometimes feel trapped in a cycle of confusing charges,” said Kathleen Pierce-Gilmore, global head of Issuing Solutions at Visa.
“Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”
As consumer expectations for seamless, secure digital payments grow, it’s crucial for issuers to keep pace. A forthcoming Visa report supports this trend. It reveals that 63% of surveyed consumers are comfortable with a future that relies entirely on digital money. The rapid introduction of new digital financial tools and services is propelling this shift. So, consumers increasingly turn to apps and mobile wallets to manage their finances. The same report also found that over half of the consumers surveyed have adopted the use of mobile wallets in just the past year.
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By GlobalDataSubscription Manager is the newest addition to Visa’s Digital Enablement product suite. The comprehensive set of tools and flexible solutions aims to help issuers offer better digital experiences for their cardholders. The new solution supports Visa’s ongoing efforts to increase transparency and control in the subscription economy. And it builds on initiatives such as its 2020 mandate that requires merchants to obtain cardholder consent after free trials or introductory promotions before initiating billing.
