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Visa, a major player in digital payments, has introduced Subscription Manager.
This new service is designed for financial institutions to offer Visa cardholders a convenient way to track their subscriptions all from their mobile devices, as the global subscription market is steadily growing .
The global subscription market is projected to reach an impressive $406 billion by 2025 with the increasing trend of consumers subscribing to various services in sectors like retail and food, the challenge of managing their payments is also on the rise.
In a time of subscription overload, consumers are struggling to manage multiple subscriptions across various apps. Navigating through each platform's unique terms can result in unnoticed charges even after a subscription is canceled.
Visa's Subscription Manager consolidates key aspects of recurring payments in one place, allowing cardholders to easily see where their card details are stored, view their recurring payments, and stop them when needed.
The global head of Issuing Solutions at Visa, Kathleen Pierce-Gilmore, said "Managing subscriptions can often feel like a maze, with consumers sometimes feeling trapped in a cycle of confusing charges.
Our goal is to simplify this process and ensure cardholders know exactly where their money is going and when."
