Digital payments giant Visa has launched a new, all-in-one service for financial institutions, ‘Subscription Manager’, offering Visa cardholders a simpler, more convenient way to track their subscriptions.
The global subscription market is on a steady rise, expected to reach as much as $406billion by 2025. As the trend of consumers subscribing to services in sectors such as retail, food, and more increases, so does the challenge of managing their payments.
Visa’s new Subscription Manager, currently available in Jordan, streamlines key aspects of recurring payments in one place, enabling cardholders to see where their card details are stored, view which recurring payments are attributed to their card, and stop recurring payments.
“Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled,” explained Salima Gutieva, vice president and country manager for the UAE 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 increasingly important for issuers to keep pace. An upcoming Visa report supports this trend, revealing that 63 per cent of surveyed consumers are comfortable with a future that relies entirely on digital money.
Mobile wallet growth
The rapid introduction of new digital financial tools and services is propelling this shift, with consumers increasingly turning 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.
Subscription Manager is the newest addition to Visa’s Digital Enablement product suite, a comprehensive set of tools and flexible solutions aimed 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, building on initiatives such as its 2020 mandate that requires merchants to obtain cardholder consent after free trials or introductory promotions before initiating billing.
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