Visa launches Subscription Manager to streamline payment management for cardholders amidst the booming global subscription market, offering a convenient solution to track and control recurring payments. This initiative aligns with Visa’s commitment to enhancing transparency and digital experiences in the subscription economy.
3 April 2024 – The global subscription market is witnessing a significant surge, projected to reach a remarkable $406 billion by 2025. In response to the escalating trend of consumers subscribing to various services across sectors like retail and food, Visa (NYSE: V), a prominent figure in digital payments, has unveiled Subscription Manager. This innovative service aims to simplify the management of payments for Visa cardholders, offering a comprehensive solution to track subscriptions seamlessly from their smartphones.
In today’s landscape saturated with subscription services, consumers often find themselves entangled in the complexities of managing multiple subscriptions spread across various platforms. Visa’s Subscription Manager addresses this challenge by consolidating crucial aspects of recurring payments into a single platform. With this tool, cardholders can effortlessly monitor where their card details are stored, track recurring payments associated with their card, and terminate subscriptions when needed.
Kathleen Pierce-Gilmore, global head of Issuing Solutions at Visa, commented on the launch, stating, “Managing subscriptions can often feel like a maze, with consumers sometimes feeling trapped in a cycle of confusing charges. Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”
As consumer demand for seamless and secure digital payment experiences continues to rise, financial institutions must adapt to meet these expectations. A forthcoming Visa report further reinforces this trend, indicating that 63% of surveyed consumers are comfortable with a future reliant entirely on digital money. The proliferation of new digital financial tools and services, coupled with consumers’ increasing reliance on apps and mobile wallets for financial management, is driving this transformation.
Subscription Manager joins Visa’s Digital Enablement product suite, which offers a range of tools and solutions designed to enhance digital experiences for cardholders. This latest offering underscores Visa’s commitment to promoting transparency and control in the subscription economy, building upon previous initiatives such as the 2020 mandate requiring merchants to obtain cardholder consent before billing after free trials or promotional periods.
Currently undergoing pilot testing in select regions, Subscription Manager reflects Visa’s dedication to empowering consumers and financial institutions alike with innovative solutions. For further details on Subscription Manager, Visa’s issuing solutions, and additional value-added services for businesses, interested parties can visit the Visa Developer Center.
