With an aim to simplify healthcare and make it affordable, QubeHealth, a fintech 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 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.
Under this strategic alliance, Falcon provides its full-stack BaaS 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 expenditures from their employers as well as load this card with their own funds to avail cashbacks and discounts at Qubehealth partner merchant ecosystem.
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 Rs 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.”
Nalin 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."