The global subscription market is on a steady rise, expected to reach a staggering $406B by 2025, Visa, a digital payments operator, has said.
But the company in a statement said 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.
To this end, Visa has 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.
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.
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“Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled,” said Andrew Uaboi, Vice President and Head Visa West Africa. “Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”
He said a forthcoming Visa report supports this trend, revealing that 63% of surveyed consumers are comfortable with a future that relies entirely on digital money.
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 year.
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