E-commerce transactions jumped 300 percent during the the Circuit Breaker period (April to June) in Singapore, compated to the same period last year, according to YouTrip.
Seeing the upward growth in YouTrip transactions on local and overseas online merchants, the multi-currency mobile wallet has introduced the 3-Domain Secure 2.0 (3DS 2.0) authentication protocol 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.
In another survey by ForgeRock, nearly one in two consumer intends to use more online services post-pandemic.
Seamless and secure
YouTrip 3DS 2.0 technology provides a more seamless and secure payment experience compared to its 1.0 predecessor, reducing payment dropout and halving fraud rate.
“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,” said Caecilia Chu, Co-Founder and CEO of YouTrip.
With YouTrip 3DS 2.0, users will be prompted to authorise 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.
More robust risk-based authentication
By analysing more than 150 key data points related to the transactions, the technology provides a more robust risk-based authentication to screen online merchants, and can 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 percent.
Beyond security enhancement, 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 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 a one-time-password to a Singapore number.