• Thursday, July 18, 2024
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Visa Tackles Subscription Chaos with New Payment Manager

Visa has announced the launch of Subscription Manager, a tool for financial institutions that will allow Visa cardholders to track and manage their subscriptions more simply and streamlined from their banking apps.

In a statement, the firm stated that its Subscription Manager would give cardholders convenient oversight as to where their card details are stored, help them identify recurring payments associated with their cards, and cancel unwanted subscriptions with a few convenient clicks—across everything from streaming platforms and gym memberships to news apps.

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“As the demand for subscription-based services continues to rise, so too does the need for streamlined management of payments. Subscription Manager not only meets consumers’ evolving needs but also benefits issuers and acquirers,” said Andrew Uaboi, Visa Vice President and Head of Visa West Africa.

“By reducing chargebacks, disputes, and call centre volumes, the Subscription Manager lowers costs and enhances operational efficiency for issuers. For acquirers, it reduces payment authorisation declines and standardises the handling of stop-payment instructions,” he added.

From streaming platforms to monthly meal kit deliveries, subscription services offer unparalleled convenience and customisation, reshaping how consumers purchase products and services.

The statement noted that as the role of these services in consumers’ lives and the digital economy continues to grow, financial institutions need to ensure they enable seamless experiences.

In today’s digital age, where convenience is paramount, and subscription services are on the rise – expected to reach $406 billion globally by next year – managing recurring payments has become more challenging – and critical – than ever.

Read also: Microsoft raises subscription cost in Nigeria amid job cuts

A recent report highlighted those various factors, including the rise of eCommerce, consumer demand for personalised experiences, and technological advancements, have fueled the subscription economy’s growth. This surge in subscription-based services presents both opportunities and challenges for consumers and businesses alike.

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