Visa has launched Subscription Manager, an all-in-one solution for financial institutions to track and manage subscription payments and other recurring payments.
The new service streamlines key aspects of recurring payments in a singular place, allowing cardholders to see where their card details are stored, view which recurring payments are attributed to their card and stop recurring payments.
Subscription Manager will be initially rolled out in Pakistan with a view to expand across more markets at a later date.
This latest Visa launch comes as the global subscription market is on a steady rise, expected to reach $406bn by 2025. As the trend of consumers subscribing to services in sectors such as retail, food, and more increases, so does the challenge of managing their payments.
A Visa report outlined that 63% of people are comfortable with a future that focuses entirely on digital money. Thus, the global payments network has expressed a need for new and innovative digital finance solutions to help consumers manage this transition better.
The same report also found that over half of the consumers surveyed have adopted the use of mobile wallets in just the past year.
Leila Serhan, Senior VP and Group Country Manager for North Africa, said: “Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled.
“Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”
Subscription Manager is the newest addition to Visa’s Digital Enablement product suite, a set of tools and flexible solutions aimed to help issuers offer better digital experiences for cardholders.
The new solution supports Visa’s ongoing efforts to increase transparency and control in the subscription economy, building on initiatives such as its 2020 mandate that requires merchants to obtain cardholder consent after free trials or introductory promotions before initiating billing.
Recently at the Money 20/20 Europe event, a representative from Meta outlined some of the crucial aspects companies should consider when it comes to building a successful subscription-based model, with payments being highlighted.
