Visa is revolutionizing the way cardholders manage their subscriptions with its new Subscription Manager service. As the global subscription market is projected to soar to $406 billion by 2025, Visa’s innovative tool aims to simplify the management of recurring payments for consumers.
Addressing a Growing Need
With the proliferation of subscription services across various sectors like retail and food, consumers are often overwhelmed by managing multiple payments. Visa’s Subscription Manager, now available in Egypt, offers a streamlined solution by consolidating key aspects of recurring payments into one easy-to-use platform.
Key Features and Benefits
The new service allows cardholders to:
- Track Subscriptions: View all services linked to their card.
- Manage Payments: See which recurring payments are attributed to their card.
- Cancel Subscriptions: Easily stop recurring payments to avoid unnoticed charges.
Leila Serhan, SVP and Group Country Manager for North Africa, Levant, and Pakistan, highlights the service’s value: “Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled. Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”
Competitive Landscape
Visa’s initiative follows a similar move by Mastercard, which in March launched an open banking-powered subscriptions management tool that banks can integrate into their apps. This competitive landscape underscores the growing demand for effective subscription management solutions.
Conclusion
Visa’s Subscription Manager is poised to provide cardholders with enhanced control and transparency over their recurring payments, addressing a crucial need in the ever-expanding subscription economy. Stay updated with FinQfy for the latest developments in subscription management and recurring payments.
