Visa launched Subscription Manager, a service designed for financial institutions to help cardholders effortlessly track and manage their subscriptions. Recognizing the surge in the global subscription market, expected to reach nearly USD 406 billion by 2025, Visa aims to simplify the complexity surrounding the management of recurring payments.
This initiative not only supports consumers in navigating their multiple subscriptions across various platforms but also addresses the issue of unnoticed charges that can persist even after a subscription is canceled.
Simplifying Recurring Payments
Subscription Manager by Visa consolidates recurring payments, enabling cardholders to easily view where their card details are stored, identify which payments are recurring on their card, and if necessary, cancel those recurring payments.
This development is in line with Visa’s ongoing efforts to increase transparency and control within the subscription economy. It follows initiatives like the 2020 mandate requiring merchants to obtain cardholder consent after free trials or promotional periods before billing begins.
This service is part of Visa’s broader Digital Enablement product suite, offering tools and solutions that enhance digital experiences for cardholders. Visa is set to pilot Subscription Manager in selected regions, introducing APIs and a Digital Enablement SDK.
These tools are designed for flexibility and control, offering a tailored user experience and simplifying integration for financial institutions. This move underscores Visa’s commitment to connecting the world with an improved, reliable, and secure payment network.
