Fintech News Singapore
April 4, 2024
Visa has launched its Subscription Manager solution for banks and other financial institutions, giving Visa cardholders an easy way to track all their subscriptions.
The move is a response to the rapidly growing global subscription market, which is expected to reach $406 billion by 2025.
Visa aims to solve the complexities faced by consumers juggling multiple subscriptions across multiple platforms, often with unnoticeable fees due to complex terms of service.
Subscription Manager integrates recurring payment management, allowing users to monitor where their card details are stored, identify recurring charges, and cancel payments as needed directly from their mobile device.
This launch is part of Visa’s Digital Activation Suite, which offers a variety of tools to enhance the digital transaction experience for cardholders.
Additionally, this plan is consistent with Visa’s 2020 mandate to require merchant consent before billing after a free trial or promotional period.
The service is being piloted in select regions, including Asia Pacific, Central Europe, Middle East and Africa, Latin America, and the Caribbean, and is available on a limited basis in Europe.
Kathleen Pierce-Gilmore
“Subscription management can often feel like a maze, and consumers sometimes feel trapped in a cycle of confusing billing.
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 Issuance Solutions at Visa.
Featured image source: Edited from Freepik