18 July 2023
Discover the latest innovation from YouTrip Thailand as they introduce the first-in-market in-app 3DS 2.0 authentication feature.
YouTrip, Thailand’s leading multi-currency digital wallet, has partnered with Kasikornbank to introduce the latest 3-Domain Secure 2.0 (3DS 2.0) authentication feature, reinforcing its commitment to providing users with a more secure and convenient payment experience for online transactions. As the first digital wallet in Thailand to integrate the advanced 3DS 2.0 technology, YouTrip aims to address cybersecurity concerns and make digital payment experiences safer for its growing user base.
The global COVID-19 pandemic has significantly accelerated the adoption of e-commerce, prompting a 4.6x increase in annual transaction volumes over the past two years, according to observations by YouTrip. As consumers increasingly favor the convenience and accessibility of online shopping, concerns about cybersecurity remain prevalent. Kasikorn Research Center (K-Research) found that approximately 70 percent of surveyed individuals have become more cautious when selecting online stores and payment methods due to these concerns.
YouTrip Thailand’s Founding Partner, Juthasree (June) Kuvinichkul, highlighted the importance of enhancing security measures for online transactions. She stated, “With the surge in YouTrip transactions on local and overseas online merchants, the introduction of 3DS 2.0 to our digital wallet will provide an additional layer of security to mitigate fraudulent activities during online transactions. By eliminating riskier SMS One-Time Passwords due to increasing phishing scams, the 3DS 2.0 feature enables users to make online purchases with peace of mind.”
The integration of 3DS 2.0 into the YouTrip app offers users a seamless and secure payment experience. When making an online payment, users will be prompted to authenticate the transaction within the app itself, granting them greater control and visibility over the payment details, including the transaction amount and merchant information.
This in-app verification process also benefits users who are traveling, as they can enjoy a more streamlined experience by completing the authentication process directly through the app, eliminating reliance on SMS One-Time Passwords that may be inaccessible while abroad.
Utilizing an extensive analysis of over 150 key data points related to transactions, YouTrip’s 3DS 2.0 technology enhances the ability to identify fraudulent activities and offers improved fraud detection capabilities. With ten times more risk assessment data points than its predecessor, the advanced authentication system employs a robust risk-based authentication approach to screen online merchants, ensuring a secure shopping experience for users.
YouTrip’s collaboration with Kasikornbank and the introduction of 3DS 2.0 technology demonstrates the company’s dedication to making digital payment experiences safer, smarter, and more convenient. By embracing cutting-edge security measures, YouTrip aims to instill user confidence and further solidify its position as Thailand’s leading multi-currency digital wallet in an evolving e-commerce landscape.
