The global subscription market continues its upward trajectory, projected to reach $406 billion by 2025. With the surge in consumer subscriptions across various sectors like retail and food, Visa, a global leader in digital payments, has unveiled Subscription Manager, a comprehensive service designed to simplify subscription management for Visa cardholders.

In an age characterized by subscription overload, consumers often grapple with the complexities of managing multiple subscriptions across various platforms. Visa’s Subscription Manager aims to address this challenge by consolidating key aspects of recurring payments into a single, user-friendly interface. This innovative tool empowers cardholders to track their subscriptions effortlessly, view associated recurring fees, and exercise control over their financial commitments.

“Managing subscriptions can often feel like a maze, with consumers sometimes feeling trapped in a cycle of confusing charges,” said Kathleen Pierce-Gilmore, global head of Issuing Solutions at Visa. “Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when.”

As consumer demand for seamless and secure digital payments continues to rise, Visa recognizes the imperative for issuers to adapt accordingly. A forthcoming Visa report underscores this trend, revealing that 63% of surveyed consumers are comfortable with a future reliant entirely on digital money. The rapid proliferation of digital financial tools and services further drives this shift, with consumers increasingly embracing apps and mobile wallets for managing their finances. The report also highlights a significant surge in mobile wallet adoption, with over half of surveyed consumers adopting the use of mobile wallets in the past year alone.

Subscription Manager joins Visa’s Digital Enablement product suite, a comprehensive array of tools and solutions aimed at enhancing digital experiences for cardholders. This latest offering reflects Visa’s ongoing commitment to promoting transparency and control in the subscription economy. It builds upon previous initiatives such as Visa’s 2020 mandate requiring merchants to obtain cardholder consent before initiating billing following free trials or introductory promotions.

Visa’s Subscription Manager is poised to revolutionize the way consumers manage their subscriptions, providing them with greater visibility and control over their recurring payments. As the subscription market continues to expand, Visa remains at the forefront of innovation, ensuring that cardholders can navigate the evolving landscape of digital payments with confidence and convenience.