Visa has launched its Subscription Manager solution for banks and other financial institutions, enabling them to offer Visa cardholders an easy way to track their all their subscriptions.

This move is in response to the burgeoning global subscription market, which is projected to reach US$406 billion by 2025.

Visa aims to address the complexities faced by consumers who juggle multiple subscriptions across various platforms, often leading to unnoticed charges due to the intricate terms of services.

Subscription Manager will consolidate the management of recurring payments, enabling users to monitor where their card details are stored, identify recurring charges, and cancel payments as needed directly from their mobile devices.

The launch is part of Visa’s Digital Enablement suite, which offers a variety of tools aimed at enhancing the digital transaction experience for cardholders.

Furthermore, this initiative aligns with Visa’s 2020 mandate that requires merchant consent after free trials or promotional periods before billing.

The service is undergoing pilot testing in select regions, including Asia Pacific, Central Europe, Middle East and Africa, Latin America, and the Caribbean, with limited availability in Europe.

Kathleen Pierce-Gilmore

“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.

Featured image credit: Edited from Freepik