Visa Launches New Service For Cardholders to Track Their Subscriptions

The launch of Subscription Manager, a new all-in-one tool for financial institutions to give Visa cardholders an easy-to-use method to track their subscriptions from the palm of their hands, was announced today by Visa (NYSE: V), a global leader in digital payments.
By 2025, the worldwide subscription market is projected to have grown to an astounding $406 billion.
Keeping track of payments becomes more difficult as customers subscribe to services in industries like retail, food, and more.
Visa’s new Subscription Manager simplifies several recurring payment-related tasks into a single location and gives cardholders control over where their card information is kept, which recurring payments are linked to their card, and how to stop regular payments.
“Exploring the distinct conditions of each platform may result in undetected expenses, even following the cancellation of a subscription,”
stated Leila Serhan, Senior Vice President and Group Country Manager for the regions of North Africa, the Levant, and Pakistan.
“Our objective is to streamline this procedure and guarantee that cardholders are aware of the precise whereabouts and timing of their funds.”
Issuers must adapt to the rising expectations of consumers for safe, easy digital payments.
This trend is confirmed by an upcoming Visa analysis, which shows that 63% of consumers questioned are okay with a world where all money is digital.
This change is being driven by the quick development of new digital financial services and tools, as more and more people use mobile wallets and applications to handle their money.
Additionally, more than half of the consumers surveyed in the same report reported using mobile wallets during the last year.
The newest member of Visa’s Digital Enablement product family, which offers issuers a wide range of adaptable options and tools to help them provide better digital experiences for their cardholders, is Subscription Manager.
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The new approach is in line with Visa’s continuous efforts to strengthen control and transparency in the subscription economy.
It builds on previous efforts, such as the 2020 mandate, which mandates that merchants acquire cardholder agreement following free trials or introductory promotions prior to charging customers.