NPCI forms agreements with fintech businesses

The National Payments Corporation of India has partnered with fintech startups QubeHealth and Falcon to offer a RuPay-powered health card in an attempt to promote India's developing easy-payable healthcare credit system.

To provide a frictionless healthcare borrowing and payment experience to salaried employees of some of India's largest giant corporations, QubeHealth has introduced premium healthcare payment products for employed Indians, tabulates healthcare providers, lenders, payment service providers, and Indian corporates. Falcon will give QubeHealth access to its full-stack BaaS platform through this Strategic Relationship in order to include a healthcare wallet and a co-branded prepaid card from RuPay for its end consumers.

"Almost all businesses in today's corporate environment are adopting fintech. and NPCI also helps greatly to the growth of India's embedded financial ecosystem. In terms of inclusion and digitalization, the healthcare industry is one of the most important in the nation "According to Nalin Bansal, the NPCI's Head of Corporate and Fintech Partnerships and Strategic Initiatives.

Employees can make use of the card to put money into their own accounts to receive a cashback of up to 50% and discounts at the QubeHealth Partner Merchant Ecosystem, which comprises more than 600 brands of health service providers and more than 11,000 hospitals and clinics worldwide.

"Our objective is to change how Indians will pay for healthcare, and offering free EMIs for medical care is only the beginning. By 2025, we will provide employed Indians access to more than $1 billion in healthcare finance, giving them control over how their family can receive care "QubeHealth's co-founder and CEO Chris George, stated.

The card, which works both virtually and physically, is completely linked to the QubeHealth mobile app and offers a fully digital onboarding process, UPI P2M Payments, and cashback benefits, among other having-to-cut features. QubeHealth anticipates having more than 100,000 customers by the end of March 2023 and offering subscribers healthcare credits worth Rs 1,000 crore.

"The change in how financial services are delivered will be the most significant advancement in the financial sector during the next ten years. The days when only traditional banks could provide credit cards or savings accounts are long gone "Falcon Co-Founder Priyanka Kanwar stated.

Together with NPCI, GPay, BharatPe, Razorpay, and Paytm will Launch Credit Card Transactions on UPI.

NPCI confirms that customers are not charged for typical UPI Transactions.