The National Payments Corporation of India (NPCI) has teamed with fintech startups QubeHealth and Falcon to provide a RuPay-powered health card in an effort to support India's emerging easy payable healthcare credits system.
With the introduction of premium healthcare payment products for employed Indians, QubeHealth brings together healthcare providers, lenders, payment services providers, and Indian corporations to provide salaried workers of some of India's largest corporations with a frictionless healthcare borrowing and payment experience. In accordance with this business agreement, Falcon will give QubeHealth access to its full-stack BaaS platform so that they can incorporate a healthcare wallet and a co-branded prepaid card from RuPay for its customers.
"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.
Employees can use the card to load money onto it from their own accounts to receive cashbacks of up to 50% and discounts at the QubeHealth partner merchant ecosystem, which includes more than 600 brands of health service providers and more than 11,000 hospitals and clinics nationwide.
The card, which works both virtually and physically, is completely linked into the QubeHealth mobile app and enables a fully digital onboarding process, UPI P2M payments, cashback benefits, among other cutting-edge features. QubeHealth anticipates having more than 100,000 customers by the end of March 2023 and offering subscribers healthcare credits worth Rs 1,000 crore.
“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.