Visa Brings Convenience and Control to Booming Subscription Economy
03 April 2024 - 10:00PM
Business Wire
- New Subscription Manager service lets consumers track
subscriptions at a glance
The global subscription market is on a steady rise, expected to
reach a staggering $406B by 20251. 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.
Recognizing this, Visa (NYSE: V), a world leader in digital
payments, today announced the launch of Subscription Manager, a
new, all-in-one service for financial institutions to provide Visa
cardholders with a simple, convenient way to track their
subscriptions, all from the palm of their hands.
In the era of subscription overload, consumers are grappling
with the complexities of managing multiple subscriptions across a
web of apps. Navigating through each platform’s unique terms can
potentially lead to unnoticed charges, even after a subscription is
cancelled. Visa’s new Subscription Manager streamlines key aspects
of recurring payments in one place, allowing cardholders to see
where their card details are stored, view which recurring payments
are attributed to their card, and stop recurring payments.
“Managing subscriptions can often feel like a maze, with
consumers sometimes feeling trapped in a cycle of confusing
charges," said Kathleen Pierce-Gilmore, global head of Issuing
Solutions at Visa. "Our goal is to make this process simpler and
ensure cardholders know exactly where their money is going, and
when.”
As consumer expectations for seamless, secure digital payments
grow, it's crucial for issuers to keep pace. A forthcoming Visa
report supports this trend, revealing that 63% of surveyed
consumers are comfortable with a future that relies entirely on
digital money2. The rapid introduction of new digital financial
tools and services is propelling this shift, with consumers
increasingly turning to apps and mobile wallets to manage their
finances. The same report also found that over half of the
consumers surveyed have adopted the use of mobile wallets in just
the past year3.
Subscription Manager is the newest addition to Visa's Digital
Enablement product suite, a comprehensive set of tools and flexible
solutions aimed to help issuers offer better digital experiences
for their 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.
Subscription Manager is currently in pilot in select regions.
For more information on this, as well as Visa's issuing solutions
and other value-added services for businesses, please visit the
Visa Developer Center.
About Visa
Visa (NYSE: V) is a world leader in digital payments,
facilitating transactions between consumers, merchants, financial
institutions and government entities across more than 200 countries
and territories. Our mission is to connect the world through the
most innovative, convenient, reliable and secure payments network,
enabling individuals, businesses and economies to thrive. We
believe that economies that include everyone everywhere, uplift
everyone everywhere and see access as foundational to the future of
money movement. Learn more at Visa.com.
________________
1
Juniper Research, Subscription
Economy Future Strategies & Market Forecasts 2022 – 2026
2
Visa, 2024 Consumer Segment
Analysis: How Digital Maturity Shapes Consumer Financial Behavior
(to be published this spring)
3
Visa, 2024 Consumer Segment
Analysis: How Digital Maturity Shapes Consumer Financial Behavior
(to be published this spring)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240403865133/en/
Media Contact Julianna Bryan jbryan@visa.com
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