SINGAPORE, Oct. 1, 2020 /PRNewswire/ — YouTrip, Singapore’s leading multi-currency mobile wallet introduces 3-Domain Secure 2.0 (3DS 2.0) authentication protocol to offer enhanced security for online transactions, as e-commerce transactions are expected to be the new-normal of purchasing. YouTrip 3DS 2.0 technology provides a more seamless and secure payment experience compared to its 1.0 predecessor, reducing payment dropout and fraud rate by up to 50%. The latest 3DS 2.0 technology is the first update to the payment technology since 3DS 1.0 was launched in 2001.
Pandemic-driven Digital Shift
As consumers started relying more on online shopping during the Circuit Breaker period (April to June), YouTrip has observed a 300% quarterly growth in e-commerce transactions as compared to the same period last year. Seeing the upward growth in YouTrip transactions on local and overseas online merchants, YouTrip introduces 3D Secure 2.0 as an additional layer of security to reduce fraudulent activities in online transactions. A research conducted by Mastercard showed that consumers will continue to prefer shopping online than in-stores even after the pandemic, boosting the shift to digital commerce for safety and convenience purposes.
Ms Caecilia Chu, Co-Founder and CEO of YouTrip shares: “Seeing how our YouTrip users are channelling their travel spirit to purchasing items from all over the world, it’s more critical than ever that we ensure a secure payment experience so they can fully enjoy the convenience of online shopping!”
YouTrip’s 3DS 2.0
YouTrip has implemented the 3DS 2.0 technology, a mandatory protocol by European card schemes standards as of October 2019 to improve the customer payment experience for users in Southeast Asia region.
One of the pain points of 3DS 1.0 is the cumbersome payment experience that has resulted in 22% of payments getting lost during the authentication process. Typically, 3DS 1.0 requires users to input either a static password or SMS One-Time password sent a registered mobile number to verify their payment.
With YouTrip’s 3DS 2.0 in place, users will be prompted to authorise their online payments through their YouTrip app. By logging into the YouTrip app to authorise the payment, it ensures that the transaction amount and merchant being paid to is made by the user. The overall user experience of authenticating through YouTrip 3DS 2.0 interface is more seamless than its predecessor.
Enhanced Security to Combat Fraud
With 10 times more risk assessment data points than 3DS 1.0, YouTrip 3DS 2.0 provides a more robust risk-based authentication to screen online merchants. By analyzing over 150 key data points related to the transactions, YouTrip 3DS 2.0 technology is able to better determine if it’s an actual purchase by the user and reduces transactions being falsely declined. Within the first two weeks of launch, YouTrip has reduced the possibility of potentially fraudulent activities by 15%.
“YouTrip’s journey to creating the best mobile financial services in Southeast Asia has only just begun! We’ll continue to innovate and leverage our technological expertise to provide the best cross-border payment experience – both online and offline for our users,” Caecilia adds.
Borderless Payment Experience
Beyond security enhancement purposes, YouTrip 3DS 2.0 expands online shopping options for users to shop securely from all 3DS-enabled merchants worldwide. The latest authentication process also allows YouTrip users who are based overseas to enjoy the same seamless and secure online payment experience, since the authentication process is done via the YouTrip app and not SMS One-Time-Password (OTP) to a Singapore number.
YouTrip is a regional financial technology startup, dedicated to creating the best mobile financial services for travellers across Southeast Asia by simplifying overseas spending and creating a fuss-free travel experience. YouTrip first launched in Singapore in 2018 and subsequently in Thailand in 2019.
For more information, please visit www.you.co