QubeHealth, an Indian FinTech company for HealthTech startups, announced its partnership with National Payments Corporation of India (NPCI) and BaaS startup, Falcon to introduce premium healthcare payment products for employed Indians, the company informed in a statement on Thursday.
The company aggregates healthcare providers, lenders, payment services providers and Indian corporates to offer a frictionless healthcare borrowing and payment experience to salaried employees of India’s corporates.
The partnership will provide QubeHealth with a fast and cost-effective way to reach customers and embed next-generation payment and lending products into its offering, the company said in the statement.
Under this strategic alliance, Falcon provides its full-stack BaaS platform to the 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 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.
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 March 2023, QubeHealth projects over 100,000 subscribers and healthcare credits of INR 1,000 crore made available to its subscribers.
Commenting on this development, Chris George, Co Founder and CEO of QubeHealth said, “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.”
Nali Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI, commented "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."
According to Priyanka Kanwar, Co-founder of Falcon, the most transformative development in the financial industry in the coming decade will be the shift in the distribution of financial services. She stated, "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."