Visa rolls out new tool for recurring payment management

ICT Materials 11 June 2024 17:15 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, June 11. Visa has launched Subscription Manager, a new comprehensive service for financial institutions that gives Visa cardholders the ability to easily and conveniently track subscriptions directly from their mobile device, Trend reports.

According to the company, Azerbaijan already has access to the Subscription Manager functionality.

The global market for subscription services is growing steadily. It is expected to reach a staggering $406 billion by 2025.

However, as consumers increasingly use subscription services in sectors such as retail, grocery, etc., it is becoming increasingly difficult for them to manage multiple payments.

The new Visa Subscription Manager tool assists in bringing key aspects of recurring payments together in one place, allowing cardholders to see where their card data is stored, view what recurring payments are charged to their cards, and stop those payments.

"Trouble tracking each platform's terms and conditions might lead to unreported collects after memberships are canceled. To simplify this procedure and ensure cardholders know where and when their cash are going," Senior Vice President, Regional Manager, Visa 17 countries Cristina Doros commented.

Furthermore, consumer expectations for seamless and secure digital payments are growing, so issuers need to keep up with their demands.

The rapid adoption of new digital financial tools and services is facilitating this transition, and consumers are increasingly using apps and mobile wallets to manage funds. It is also reported that more than half of the consumers surveyed started using mobile wallets just last year.

To note, Subscription Manager is the latest addition to Visa's Digital Enablement suite, an extensive set of tools and flexible solutions that help issuers offer a better digital experience to cardholders.

Visa (NYSE: V) is the global leader in the digital payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Visa's mission is to unite the world through an innovative, convenient, secure, and reliable payment network to promote consumer well-being and business and economic prosperity.

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