The global subscription market is on a steady rise, expected to reach a staggering $406B by 2025.. As the trend of consumers subscribing to services in sectors such as retail and food increases Visa has introduced a tool designed to address the growing challnege of managing consumer payments.
Subscription Manager has been launched as an all-in-one service that enables financial institutions to provide Visa cardholders with an efficient way to track their subscriptions.
It comes as consumers grapple with the complexities of managing multiple subscriptions across a web of apps. Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled.
Through Subscription Manager, Visa is aiming to streamline 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.
“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, ” said Kathleen Pierce-Gilmore, global head of Issuing Solutions at Visa.
Subscription Manager, which is currently in pilot in select regions, is the newest addition to Visa’s Digital Enablement product suite, a set of tools aimed to help issuers offer better digital experiences for their cardholders.
