Visa launches new spending management service

Visa has introduced a new service for consumers to help them better monitor their spending.

Powered by Visa’s global network VisaNet the service that offers accountholders a mobile SMS text, email, and online spend management tool that allows them to set a “purchase threshold” for various accounts, monitor their spending in certain categories, and alerts them when their aggregate spending exceeds pre-set levels.

Visa’s service will be offered to account holders by participating financial institutions, and will let consumers manage spending on any Visa account, including credit, debit or prepaid.

“Consumers want to play an active part in managing their financial accounts,” said Jim McCarthy, global head of products at Visa Inc. “This service builds on our 30-year investment in VisaNet and existing real-time transaction alerts platform; it empowers Visa account holders to customize the service, receive account information in real time, and better manage their spending.”