With an aim to simplify healthcare and make it affordable, QubeHealth, a fintech firm for health-tech start-ups, announced its partnership with National Payments Corporation of India (NPCI) and BaaS start-up, Falcon. The partnership aims to introduce premium healthcare payment products for employed Indians.
QubeHealth aggregates healthcare providers, lenders, payment services providers and Indian corporates to offer healthcare borrowing and payment experience to salaried employees of some of India’s largest corporates. The partnership will provide QubeHealth with a cost-effective way to reach customers and embed next-generation payment and lending products into its offering.
Under this strategic alliance, Falcon will provide its BaaS (Backend-as-a-start-up) platform to Qubehealth to embed a healthcare wallet and RuPay co-branded prepaid card for their end users. The card enables employees to get reimbursements on healthcare expenditure from their employers as well as load this card with their own funds to avail cashback 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.
The card, which can be used in both virtual and physical forms, is integrated into the Qubehealth mobile app and offers a completely digital onboarding process, unified payment interface (UPI) person-to-merchant (P2M) payments and cashback rewards, among other advanced features.
By March 2023, QubeHealth projects over 100,000 subscribers and healthcare credits of Rs 1,000 crore made available to its subscribers.
“We are on a mission 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,” said Chris George, co-founder and chief executive officer (CEO) of QubeHealth.
"In today's business landscape, nearly every enterprise is becoming fintech-enabled, and NPCI is proud to play a crucial role in the growth of India's embedded finance ecosystem. With healthcare being a vital sector in the country, particularly in terms of inclusion and digitalization, we are delighted to collaborate with forward-thinking startups such as Qubehealth and Falcon. The launch of this Rupay-powered QubeHealth Card is just the beginning for Qubehealth, as they have an ambitious roadmap in place," added Nalin Bansal, chief of corporate and fintech relationships and key initiatives at NPCI.
"Gone are the days when obtaining a credit card or savings account was limited to traditional banks. Instead, pioneering startups such as Qubehealth are emerging as major providers of financial services to their target audience, thereby allowing them to create personalized and innovative experiences for their customers. Falcon is thrilled to support QubeHealth's fintech layer by providing them with a rapid and cost-effective method for reaching their clientele. This partnership has given us the ideal opportunity to expand our product offerings and contribute to enhancing people's financial well-being," observed Priyanka Kanwar, co-founder of Falcon.
