Kasikornbank, YouTrip ramp up online payment security with 3DS 2.0

70% of respondents said that they’ve adopted a more cautious stance in online payments.

Kasikornbank has teamed up with Thailand’s multi-currency digital wallet YouTrip to introduce the 3-Domain Secure 2.0 (3DS 2.0) authentication feature for a more secure payment experience for online transactions.

This makes them the first in Thailand to integrate the 3DS 2.0 technology, according to a joint statement.

The new feature addresses Thai consumers' growing cybersecurity concerns. A survey by the Kasikorn Research Center (K-Research) saw 70% of respondents saying that they have a more cautious stance in choosing online stores and payment methods due to cybersecurity concerns.

This comes as YouTrip observed its annual e-commerce transaction volume over quadruple (4.6x) over the past two years as more consumers shift towards online shopping for its convenience and accessibility.

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“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,” Kuvinichkul added.

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, according to YouTrip and Kasikornbank.