Visa launches Subscription Manager

Thursday 4 April 2024 13:41 CET | News

Multinational payment card services company Visa has announced the launch of Subscription Manager, a service for tracking subscriptions conveniently. 

As per the information detailed in the press release, Visa introduced Subscription Manager, an all-in-one service for financial institutions, to offer cardholders a simple and convenient manner to track their subscriptions. The decision was based on the current status of the global subscription market, which is on a steady surge and is projected to reach nearly USD 406 billion by 2025. Considering that the trend of consumers subscribing to services in industries such as retail and food, among others, increased, the difficulties of managing their payments also expanded.

Multinational payment card services company Visa has announced the launch of Subscription Manager, a service for tracking subscriptions conveniently.

Visa’s Subscription Manager capabilities

As consumers navigate the complexities of managing multiple subscriptions across several apps, they can come across unnoticed charges, even after a subscription is cancelled. Through its new Subscription Manager service, Visa aims to simplify aspects of recurring payments in one place, enabling cardholders to visualise where their card details are stored, view which recurring payments are attributed to their card, and eliminate recurring payments.

According to Visa’s officials, managing subscriptions can be difficult, with consumers often facing a cycle of confusing charges. The company is committed to simplifying this process, while also ensuring that cardholders know where their money is going and when. Subscription Manager represents the latest addition to Visa’s Digital Enablement product suite, a set of tools and flexible solutions intended to support issuers provide improved digital experiences for their cardholders. The newly launched solution aims to assist Visa’s current efforts to increase transparency and control in the subscription economy, developing initiatives such as its 2020 mandate that demands merchants obtain cardholder consent after free trials or introductory promotions before initiating billing.

Furthermore, the Subscription Manager is in the pilot to select regions, with Visa aiming to provide two solutions, including Visa Subscription Manager APIs and Visa Digital Enablement SDK. With the APIs, the company intends to build digital solutions with flexibility and control, tailored user experience, and simplified integration. Additionally, the Digital Enablement SDK focuses on offering convenient integration and development, while accelerating time to market. Also, the solution is set to deliver efficient upgrades for existing SDK clients.

More information about Visa

As a provider of digital payments, Visa aims to facilitate transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. The company is committed to connecting the world via an improved, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive.

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Keywords: recurring payments, online payments, financial institutions, product launch, API
Categories: Payments & Commerce
Companies: Visa
Countries: World
This article is part of category

Payments & Commerce


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