Visa is rolling out a service for financial institutions to provide cardholders with a convenient way to manage and track their subscriptions.
The global subscription market is on a steady rise, expected to reach $406B 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.
Visa’s new Subscription Manager, currently available in Egypt, 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.
“Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled,” says Leila Serhan, SVP and group country manager for North Africa, Levant and Pakistan. “Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”
Mastercard in March launched a similar open banking-powered subscriptions management tool that banks can plug into their apps.