Visa has announced that it will help its financial institution partners create customized digital card management experiences for their customers.

The company said in a press release that as the Internet of Things grows, consumers are placing their card on file for recurring payments in more places. To help give consumers greater visibility and control, Visa is creating upcoming enhanced capabilities that will complement several existing Visa functionalities.

The new offerings will build on existing capabilities of the Visa Token Service to let issuers create a customizable suite of services to offer to their Visa cardholders. Visa Token Service replaces sensitive account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier that can be used to process payments without exposing account details.

Issuing partners will have the option to provide the service to cardholders through online and mobile banking channels. When implemented, the new capabilities will let issuers provide their Visa cardholders greater control and insight over how they pay, where they pay and who can pay using a digital version of their Visa card, according to the announcement.

"As consumers become more connected, it is increasingly important for cardholders to be able to manage digital payment activities in one central location," Jim McCarthy, Visa executive vice president of innovation and strategic partnerships, said in a statement. "With these new capabilities, we are enabling our financial institution partners to deliver greater control, increased insights and enhanced security to their cardholders who make digital payments."