Visa, a global leader in digital payments, has announced the launch of Subscription Manager, a new, comprehensive service designed to help financial institutions provide Visa cardholders with an easy and convenient way to manage their subscriptions. This innovative service allows users to keep track of their subscriptions effortlessly, all from the convenience of their mobile devices.
The Rising Subscription Market
The global subscription market is experiencing significant growth, with projections estimating it will reach an astonishing $406 billion by 2025. As consumers increasingly subscribe to services across various sectors, such as retail and food, managing these recurring payments has become a growing challenge. Visa’s Subscription Manager addresses this need by consolidating key aspects of subscription management in one place.
Key Features of Subscription Manager
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Centralized Management of Recurring Payments
Subscription Manager enables Visa cardholders to:
- See where their card details are stored
- View which recurring payments are linked to their card
- Stop recurring payments with ease
Simplifying the Subscription Process
Andrew Uaboi, Vice President and Head of Visa West Africa, emphasized the need for a streamlined approach to managing subscriptions: “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.”
Meeting Consumer Expectations for Digital Payments
As consumer expectations for seamless and secure digital payments grow, financial institutions must keep pace with these demands. A forthcoming Visa report highlights this trend, revealing that 63% of surveyed consumers are comfortable with a future that relies entirely on digital money. The rapid adoption of new digital financial tools and services is driving this shift, with consumers increasingly turning to apps and mobile wallets to manage their finances. The report also found that over half of the consumers surveyed have started using mobile wallets within the past year.
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Enhancing the Digital Experience with Visa’s Digital Enablement Product Suite
Subscription Manager is the latest addition to Visa’s Digital Enablement product suite, which offers a comprehensive set of tools and flexible solutions designed to help issuers provide enhanced digital experiences for their cardholders. This new solution supports Visa’s ongoing efforts to increase transparency and control in the subscription economy.
Building on Previous Initiatives
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Visa has a history of initiatives aimed at protecting consumers and enhancing their control over subscriptions. In 2020, Visa introduced a mandate requiring merchants to obtain cardholder consent after free trials or introductory promotions before initiating billing. Subscription Manager builds on these efforts, further empowering consumers to manage their subscriptions effectively.
Availability and Additional Information
Subscription Manager is currently available in Nigeria. For more information about Subscription Manager, Visa’s issuing solutions, and other value-added services for businesses, please visit the Visa Developer Center.
Conclusion
Visa’s Subscription Manager represents a significant advancement in subscription management, offering consumers a simple and efficient way to track and control their recurring payments. As the subscription market continues to grow, tools like Subscription Manager are essential in helping consumers manage their finances with greater transparency and ease.
