Visa is introducing a service that allows financial institutions to help cardholders effectively manage and track their subscriptions.
The global subscription market is experiencing significant growth, projected to reach $406 billion by 2025. As more consumers subscribe to services across various sectors, including retail and food, the challenge of managing these payments becomes increasingly important.
Visa’s new Subscription Manager, currently available in Egypt, consolidates essential details of recurring payments, enabling cardholders to see where their card information is stored, identify which recurring payments are linked to their card, and easily stop these payments if desired.
“Understanding the unique terms of each platform can lead to hidden charges even after cancelling a subscription,” noted Leila Serhan, SVP and group country manager for North Africa, Levant, and Pakistan. “Our objective is to simplify this process and ensure cardholders are fully aware of their spending and payment timelines.”
In March, Mastercard launched a similar open banking-powered subscription management tool that banks can integrate into their applications.