BANGKOK, THAILAND - Media OutReach - 17 July 2023 - YouTrip, Thailand’s leading multi-currency digital wallet launched in collaboration with Kasikornbank, introduces 3-Domain Secure 2.0 (3DS 2.0) authentication feature to offer users a more secure payment experience when making online transactions. Being the first in the Thailand market to integrate the 3DS 2.0 technology into the app, this re-emphasises YouTrip’s commitment in making digital payment experiences safer, smarter and more convenient.
Growing Preference for E-Commerce Since the pandemic, YouTrip observed the annual e-commerce transaction volume has grown by 4.6x over the past two years as more consumers shift towards online shopping for its convenience and accessibility. However, despite the shift in preference for e-commerce purchases, around 70 percent of those Kasikorn Research Center (K-Research) surveyed shared that they have assumed a more cautious stance in choosing online stores and payment methods due to cybersecurity concerns.
Juthasree (June) Kuvinichkul, Founding Partner of YouTrip Thailand, said: "Seeing the upward growth in YouTrip transactions on local and overseas online merchants, the 3DS 2.0 introduced to our digital wallet will serve as an additional layer of security to reduce fraudulent activities in online transactions. The 3DS 2.0 prompts users to authenticate their purchases seamlessly through the app instead of a SMS One-Time password, which is riskier due to the increasing phishing scams, allowing users to make online purchases with an ease of mind." Seamless and Safer Borderless Payment Experience Users will be prompted to authorise their online payment through their YouTrip app. It provides them greater control over the transactions made as users would be able to go through the transaction amount and merchant information before authenticating the payment.
The in-app verification process also allows users who are travelling to enjoy a more seamless experience as the authentication process is done via the app, and not through the SMS OTP which they may not be able access when they are overseas.
By analysing over 150 key data points related to the transactions, YouTrip 3DS 2.0 technology is able to better determine if the purchase is actually made by the user and serve as a fraud detection tool to identify fraudulent transactions. With 10 times more risk assessment data points than its predecessor, 3DS 2.0 provides a more robust risk-based authentication to screen online merchants, allowing users to shop securely.
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About YouTrip Thailand
YouTrip is a Southeast Asian financial technology company dedicated to creating the next-generation of digital financial services for consumers and businesses. In 2018, it launched the region's first and leading multi-currency payment app in Singapore and subsequently in Thailand, in partnership with Kasikornbank in 2019. To date, it has received over 1.5 million downloads and processed close to 20 million transactions.