QubeHealth’s pre-approved interest-free credit facility will be available to employed Indians to pay for any healthcare expenses for themselves and their family members across 11,000 hospitals, clinics, pharmacies and other health service providers in India
QubeHealth, a health tech company focused on mitigating Out-of-Pocket-Expenditure (OoPE), has partnered with OboPay, a global mobile payment solutions company, to launch a 0% interest, collateral-free, pre-approved healthcare credit card for employed Indians and their families.
Chris George, CEO & co-founder of QubeHealth, says, “Employee-Healthcare is now centre-stage conversation for companies across India and HR teams have wanted to provide a comprehensive solution to their team’s families as they navigate their way through the pandemic. By facilitating emergency healthcare funds on tap, at no cost of capital, employees will now have the flexibility to make better healthcare choices and augment any company-paid health insurance.”
According to the statement by the health tech firm, “QubeHealth-Loans Card is a pre-approved ‘interest-free’ credit facility, available to any employed Indian to pay for any healthcare expenses for themselves and their family members across 11,000 hospitals, clinics, pharmacies and other health service providers in India. This covers OPD & IPD expenses, elective procedures (dental, eye, cosmetic, assisted pregnancy & more), as well as pharmacy and any expense not covered in standard health insurance provided by employers.”
India has one of the highest OoPE on healthcare in the world. It stood at $45 billion in 2015-2016, according to the National Health Account Estimates for India, 2018.
OoPE accounts for over 60% of India’s entire healthcare expenditure, with 7 out of 10 Indians not being covered under any health insurance or those with insurance being under-covered.
Powered by a physical and a digital, app-based card, registered users, employees of QubeHealth’s corporate clients, can draw as much money as they need, to instantly pay for any medical emergencies or regular healthcare payments. It is as simple as swiping your credit card, except this is interest-free and the user can pay in equal instalments for up to 24 months.
The product has been rolled out to a select group of 150 large companies employing over 1,50,000 people in India, as part of their employee health benefits program and is activated across 735 towns/cities, as per the statement.
Shailendra Naidu, CEO, OboPay, says, “Our platform enables users to have simple and easy to use interfaces with all the added benefits of speed, safety and security while transacting online and offline. With our technology and market understanding, we are participating in QubeHealth’s vision of providing on-tap access to funds especially during medical emergencies.”
Built on OboPay’s global payment processing capabilities, both companies are focused on providing a friction-free experience to the healthcare spender and are aiming to onboard 100,000 users within the next 6 months, with an average credit line of ₹6 lakh per user.
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