Saturday, November 23, 2019

YouTrip, KBank join for launch of multi-currency wallet for Thai travellers

Nov 05. 2019
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By THE NATION

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YouTrip, the leading travel wallet in Singapore, has teamed up with Kasikornbank(KBank) to launch its multi-currency payment system in Thailand.

This partnership marks the first-of-its-kind finTech collaboration in Thailand, allowing travellers to pay overseas with the best exchange rates.

YouTrip offers travellers the “Truly No Fees” payment experience without 2.5 per cent exchange fee, issuance fee and annual fee for payments in over 150 currencies. It offers better exchange rates than kiosks and other banks.

YouTrip offers a mobile application specially crafted for travellers, that comes with a contactless prepaid Mastercard. Users can exchange 10 selected currencies conveniently in app anytime before making a purchase, or simply rely on the SmartExchange automated currency exchange technology, to pay in over 150 currencies with YouTrip Mastercard.

It also provides instant notification for all transactions, and real-time card blocking in case of card loss. YouTrip also allows cash withdrawal from overseas ATMs at the same competitive exchange rates, with 24-hour customer service support.

The partnership between YouTrip and KBank is the first-of-its-kind innovation between a leading finTech startup in the region and and a major bank in Thailand.

YouTrip and KBank aim to sign up 400,000 users within the first year.

President of KBank Patchara Samalapa stated that “KBank sees strong potentials in YouTrip, which enjoys great success as the leading multi-currency travel wallet in Singapore. We also believe in the foreign exchange market as it benefits from strong outbound tourism growth in Thailand due to the strong Baht, travel promotions, new flight routes openings, among other postive factors.

The successful partnership with YouTrip to co-develop YouTrip mobile application and contactless Mastercard, is further supported by KBank’s strong operational platform. As a “Powered by KBank” project, the seamless integration between YouTrip and K PLUS delivers the best experience for Thai travellers. With real time card blocking and security features built in YouTrip, travellers can enjoy peace of mind when travelling”.

Juthasree Kuvinichkul, Founding Partner of YouTrip Thailand, said “Kasikornbank is a leading Thai bank, well trusted by the locals. It possesses expertise in digital banking and currency exchange. With the seamless integration with K Plus, YouTrip delivers not only a “Truly No Fees” travel wallet with competitive exchange rates, but also a secured experience with fully digital sign-up and top-up processes. With the launch of YouTrip, Thai travellers will now have the most affordable options to pay with the best exchange when overseas”.

“Mastercard and YouTrip share the same desire which is to deliver a seamless and convenient payment solution for travellers, no matter where and how often they travel. Through this partnership, Mastercard wants to expand user access to YouTrip’s mulit-currency travel wallet in markets beyond Singapore and are excited to partner with YouTrip to elevate the experience of Thai travellers.” said Aileen Chew, country manager of Thailand and Myanmar, Mastercard.

YouTrip is now available for download. Users can sign up for a YouTrip account online in less than three minutes by linking to an existing K PLUS account, without the need to visit bank branches for document submission.

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