Fintech
Visa brings simplicity and convenience with Subscription Manager
Visa (NYSE: V), a global leader in digital payments, today announced the launch of Subscription Manager, a new all-in-one service for financial institutions that offers Visa cardholders a simple and convenient way to track their subscriptions , all from the back of their hands.
The global subscription market is steadily increasing and is expected to reach a staggering $406 billion by 2025. As consumers increasingly trend towards subscribing to services in industries such as retail, food and still others, the challenge of managing their payments also increases.
Visa’s new Subscription Manager simplifies key aspects of recurring payments in one place, allowing cardholders to see where their card details are stored, view which recurring payments are attributed to their card, and stop recurring payments.
“Navigating each platform’s unique terms can potentially lead to unnoticed charges, even after you cancel your subscription,” said Leila Serhan, senior vice president and group country manager for the North Africa, Levant and Pakistan region. “Our goal is to make this process easier and ensure that cardholders know exactly where their money is going and when.”
As consumer expectations for secure and seamless digital payments grow, it is critical that issuers keep pace. An upcoming Visa report supports this trend, revealing that 63% of consumers surveyed feel comfortable with a future that relies entirely on digital money. The rapid introduction of new digital financial tools and services is driving this shift, with consumers increasingly turning to apps and mobile wallets to manage their finances. The same report also found that over half of consumers surveyed have adopted the use of mobile wallets in the last year alone.
Subscription Manager is the newest addition to Visa’s Digital Enablement product suite, a comprehensive set of flexible tools and solutions aimed at helping issuers deliver better digital experiences to their cardholders. The new solution supports Visa’s ongoing efforts to increase transparency and control in the subscription economy, building on initiatives like its 2020 mandate requiring merchants to obtain cardholder consent after free trials or introductory promotions before start billing.
Subscription Manager is currently available in Egypt. For more information on this topic, as well as Visa issuing solutions and other value-added services for businesses, visit the Visa Developer Center.