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YouTrip Pivots to Overseas E-commerce Payment Amidst Pandemic, Sees a 300% Increase in Transactions

2020-08-28 10:31 2880

SINGAPORE, Aug. 28, 2020 /PRNewswire/ -- YouTrip, Singapore's leading multi-currency mobile wallet celebrates its second year anniversary since its Singapore launch in 2018. Following its record-breaking pre-Series A funding of US$26m in May 2019, YouTrip has tripled its growth in app downloads and continues to be a hit among users for its 'Truly No Fees' proposition.

Solving the Overseas Payment Dilemma

Dedicated to solving the cross border payment problem, YouTrip has successfully established itself as the multi-currency wallet for travellers, with YouTrip users covering 186 out of 195 countries (95%) in the world. In a span of 1.5 years before travel restrictions were placed in February 2020, YouTrip users have transacted in over 110 currencies during their travels.

Making The Case for Overseas E-Commerce

By uncovering ways to buy popular items at cheaper prices from overseas e-retailers, YouTrip's swiftly pivoted the use case from travel payment into overseas e-commerce payment when the travel bans came in place. With the unique edge of being the cheapest way to pay online through best exchange rates and no additional mark-ups for 150+ currencies, YouTrip has observed a 300% increase in transactions compared to the same period in 2019.

During this period, YouTrip also launched 'YouTrip It Online', a seasonal cashback promotion that offered 2% in cash rebates for overseas e-commerce purchases, which quickly became an instant hit among users.

The YouTrip blog also became the resource to help users find cheaper alternatives online. Popular article series like "How to Shop from Taobao" continue to rank number one on search engines, with organic site traffic to the YouTrip Blog doubling every month since April 2020. All of these contributed to YouTrip's successful pivot into e-commerce payments during the pandemic.

Caecilia Chu, Co-founder and CEO of YouTrip shares: "Offering the best foreign currency payment experience, be it offline or online, remains a core focus for YouTrip. By providing the best exchange rates, we've seen strong interest from our community to shop from foreign currency merchants like Taobao, ASOS, and many others. Knowing that our users enjoy shopping from overseas sites motivates us to curate interesting product features and marketing campaigns for them!"

User Engagement In The New Normal

With physical events taking a pause during the pandemic, YouTrip's user-first approach continued to drive the team to find new and creative ways to connect and engage with users.

In May 2020, YouTrip partnered with Netherlands-based, Withlocals to introduce virtual travels to Singaporeans. The free virtual tour event to explore Berlin, Amsterdam and Pompeii attracted over 250 users to come together to experience a new form of travel during the lockdown.

More recently, YouTrip hosted its second-edition of YouTrip Trivia Night with close to 400 sign-ups for a chance to win cash prizes.

"Now is not the time to be slowing down, instead, we have been speeding up improvements and innovations to our product, and continuing in our journey to become the most customer-obsessed fintech," Caecilia adds.

Future Plans

YouTrip has taken this time to also enhance existing features, especially to cater to the increased usage of YouTrip for overseas e-commerce payment. Apart from enhancing data analytic capabilities to identify potential new patterns of fraudulent activities, YouTrip has also introduced the latest 3 Domain-Secure 2.0 technology for added security and a seamless payment experience when transacting online.

Also in the pipeline, is a new product feature to allow peer-to-peer transfer among YouTrip users and a new top-up method directly from a user's bank account via PayNow, which is to be released in the upcoming months.

ABOUT YOUTRIP

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

Photo - https://photos.prnasia.com/prnh/20200514/2804174-1LOGO?lang=0

 

Source: YouTrip
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