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‘Visa Brings Simplicity, Convenience to Booming Subscription Economy’ - THISDAY

JULY 10, 2024

Visa, a world leader in digital payments has launched its Subscription Manager platform, which is 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.

The launch is coming at a time when the global subscription market is on a steady rise, expected to reach a staggering $406 billion by 2025

Visa, 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.

The statement added that 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.

Vice President and Head Visa West Africa, Andrew Uaboi, said in the statement that “Navigating through each platform’s unique terms can potentially lead to unnoticed charges, even after a subscription is cancelled. Our goal is to make this process simpler and ensure cardholders know exactly where their money is going, and when. As consumer expectations for seamless, secure digital payments grow, it’s crucial for issuers to keep pace.”

The forthcoming Visa report supports this trend, revealing that 63 per cent 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, the statement further said.


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