QubeHealth launches India’s First Health Wallet and Super Card
QubeHealth, one of India’s top FinTech for HealthTech firms, partnered with National Payments Corporation of India (NPCI) and BaaS startup, Falcon, with the goal of introducing premium healthcare payment options for employed Indians. QubeHealth brought together healthcare providers, lenders, payment service providers, and Indian corporations to provide a seamless healthcare borrowing and payment experience to salaried employees of some of India’s major corporations. QubeHealth will connect with clients quickly and affordably through the cooperation and integrate cutting-edge payment and lending solutions into its service.
In accordance with this strategic partnership, Falcon offers Qubehealth its full-stack BaaS platform so that they can incorporate a healthcare wallet and a co-branded prepaid card from RuPay for their customers. Employees can use the card to load money onto it from their own accounts to receive a cashback 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 to the Qubehealth mobile app and enables a fully digital onboarding process, UPI P2M payments, and cashback benefits, among other cutting-edge features.
Chris George, co-founder, and CEO of QubeHealth, commented on the company’s anticipated growth and goals, stating that they aim to have 100,000+ customers by March 2023 and offer subscribers healthcare credits of INR 1,000 crore. He also stated that QubeHealth is on a mission to alter how Indians pay for healthcare and that delivering free EMIs for healthcare is just the start. According to him, QubeHealth plans to distribute more than a billion dollars in healthcare finance to employed Indians by 2025, giving them control over their family’s access to healthcare once again.
According to NPCI’s Nalin Bansal, Chief of Corporate and Fintech Partnerships and Key Initiatives, “Today’s businesses are increasingly becoming fintech-enabled, and NPCI is happy to contribute significantly to the expansion of India’s embedded financial ecosystem. We are thrilled to work with innovative firms like Qubehealth and Falcon because healthcare is a crucial industry for the nation, especially in terms of inclusivity and digitalization. For Qubehealth, the introduction of this Rupay-powered QubeHealth Card is simply the beginning of a bold future.”
The change in how financial services are distributed, according to Priyanka Kanwar, co-founder of Falcon, will be the most revolutionary development in the financial sector in the upcoming ten years. She remarked, “The days of only visiting conventional banks to open a savings or credit card account are long gone. Instead, new businesses like Qubehealth are becoming significant financial service providers to their target market, giving them the opportunity to offer their clients unique and creative experiences. Falcon is happy to assist QubeHealth’s finance layer by giving them a quick and affordable way to reach their clientele. We now have the perfect opportunity to broaden our product offerings and improve people’s financial well-being thanks to our relationship.“
Know More about QubeHealth & Falcon
The goal of QubeHealth is to find a solution to the financing of healthcare for medical expenses not covered by insurance. To corporate employees who use its service, it provides No-Cost EMI Healthcare Financing. By March 2023, it anticipates having more than 100,000 users and providing them with a healthcare credit worth Rs 1000 crore.
Currently, QubeHealth has strategic alliances with more than 600 different health service provider companies and more than 11,000 hospitals and clinics around the nation. QubeHealth also has partnerships with a number of lenders in addition to healthcare service providers. More than 200 corporations have currently signed up for Qube Credit, a QubeHealth product that enables employees to receive healthcare benefits at no cost.
In order to manage India’s retail payment and settlement systems, the National Payments Corporation of India (NPCI) was established in 2008. The creation of a reliable payment and settlement infrastructure in the nation was the goal of NPCI, a project of the RBI and IBA carried out in accordance with the terms of the Payment and Settlement Systems Act, of 2007. Through a variety of retail payment products like the RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC), and Bharat BillPay, it has transformed the way payments are made in India. NPCI is persistently trying to turn India into a digital economy and is committed to using technology to bring advances to retail payment systems. It is facilitating secure payment solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.
Priyanka Kanwar and Prabhtej Bhatia, two successful businesswomen, founded the financial technology firm Falcon, which is upending the way contemporary fintech is created. Banks, NBFCs, and businesses of all sizes may leverage Falcon’s future-proof stack to create custom payment and lending solutions at breakneck speeds, regardless of their primary business or size of operation. Falcon’s stack may either be rapidly launched with no-code solutions or elegantly embedded using open, configurable APIs.
Investors include Shamir Karkal, the founder of Sila Money, Abhay Hanjura and Vivek Gupta, the founders of Licious, Jeremy Solomon, the former chief financial officer of Affirm, Ali Moiz, the founder of Stonks, Rangarajan Krishnan, the CEO of Five Star Finance, Deepak Shahdadpuri, the managing director of DSG Consumer Partners, and Devesh Sachdeva, the managing director of Fusion Microfinance, in addition to executives from Softbank, UAE Sovereign Fund, Silicon Valley Bank, Robinhood, & Facebook. Falcon’s leadership team packs in ex-executives from the world’s largest financial players like RBL Bank, HDFC, FIS, Zeta, and Mahindra Comviva.
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