NPCI ties with fintech startups, launches RuPay-powered health card for employed Indians
In a bid to boost the burgeoning easy-to-pay health credit system in India, the National Payments Corporation of India (NPCI) has partnered with fintech startups QubeHealth and Falcon to facilitate a RuPay-powered health card.
Introducing premium healthcare payment products for Indian employees, QubeHealth brings together healthcare providers, lenders, payment service providers and Indian businesses to offer a frictionless healthcare lending and payment experience to employees of some of India’s largest companies. Under this strategic partnership, Falcon will provide its full-stack BaaS platform to QubeHealth to embed a healthcare wallet and RuPay co-branded prepaid card for its end users.
“In today’s business landscape, almost every business is becoming fintech-enabled. and NPCI is also playing a crucial role in the growth of India’s embedded financial ecosystem. Healthcare is an important sector in the country, especially in terms of inclusion and digitization,” Nalin Bansal, Head of Corporate and Fintech Relationships and Key Initiatives at NPCI said.
The card enables employees to receive reimbursement for health care expenses from their employers, as well as load this card with own funds to get cashbacks of up to 50 percent and discounts at QubeHealth’s partner merchant ecosystem, which includes over 600 brands of healthcare providers and over 11,000 hospitals and clinics over the whole country.
“We want to change the way Indians will pay for healthcare and offering free healthcare EMIs is just the start. By 2025, we will deploy over a billion dollars in healthcare financing to working Indians, giving them back the power to access to healthcare for their family,” said Chris George, co-founder and CEO of QubeHealth.
The card, which can be used in both virtual and physical forms, is seamlessly integrated into the QubeHealth mobile app and offers a complete 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 getting a credit card or savings account was limited to traditional banks, said Priyanka Kanwar, co-founder of Falcon.
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