The card, which can be used in both virtual and physical forms, is seamlessly integrated within the QubeHealth mobile app and offers a fully digital onboarding process, UPI P2M payments, and cashback rewards
In a bid to boost the budding easy payable healthcare credits system in India, the National Payments Corporation of India (NPCI) has partnered with fintech startups QubeHealth and Falcon facilitating a RuPay powered health card.
QubeHealth, introducing premium healthcare payment products for employed Indians, aggregates healthcare providers, lenders, payment services providers and Indian corporates to offer a frictionless healthcare borrowing and payment experience to salaried employees of some of India’s largest corporates. Under this strategic partnership, Falcon will provide its full-stack BaaS platform to the QubeHealth to embed a healthcare wallet and RuPay co-branded prepaid card for their end users.
"In today's business landscape, nearly every enterprise is becoming fintech-enabled. and NPCI also plays a crucial role in the growth of India's embedded finance ecosystem. Healthcare is a vital sector in the country, particularly in terms of inclusion and digitalization,” Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI said.
The card enables employees to get reimbursements on healthcare expenditure from their employers as well as load this card with their own fund to avail cashbacks of up to 50 per cent and discounts at QubeHealth partner merchant ecosystem, which comprises over 600 brands of health service providers and over 11,000 hospitals and clinics across the country.
“We want to change the way Indians will pay for healthcare and providing no-cost EMIs for healthcare is just the start. By 2025, we will deploy over a billion dollars in healthcare financing to employed Indians, putting the power back into their hands, when it comes to accessing healthcare for their family,” Chris George, co-founder and CEO of QubeHealth said.
The card, which can be used in both virtual and physical forms, is seamlessly integrated within the QubeHealth mobile app and offers a fully digital onboarding process, UPI P2M payments, and cashback rewards, among other advanced features. By the end of March 2023, QubeHealth projects over 100,000 subscribers and healthcare credits of Rs 1,000 crore made available to its subscribers.
“The most transformative development in the financial industry in the coming decade will be the shift in the distribution of financial services. Gone are the days when obtaining a credit card or savings account was limited to traditional banks,” Priyanka Kanwar, co-founder of Falcon said.
