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Embedded finance, which initially started as an experimental technology, has forayed into most sectors. Buy Now Pay Later (BNPL) platforms, and other financial technology companies have long banked on this tech to make transactions seamless between the buyer and the merchant. Though initially, this innovation was restricted to retail and related sectors, now many sectors have crowded the space. Over the last few quarters, most embedded finance platforms have considered healthcare a lucrative field. Thus, new unique healthcare finance products are being brought into the market by these platforms to drive increased revenue.
With the rising number health-conscious population in India, more embedded finance platforms are partnering with healthcare organizations to cater to the increasing demand for affordable healthcare expenses. For instance,
SaveIN entered the dental market since there lays a probability of earning high revenue, particularly in India, as recently Indians have been seen to get involved in an array of dental care procedures, beautification treatments, implants, and many more. Consequently, SaveIN is making these treatments cheaper and accessible to Orthosquare patients through their deferred payment product.
Orthosquare, which has been consistently providing services to around half a million patients in India, realized that dental expenses are not covered in maximum insurance plans. This, in turn, creates a huge out-of-pocket cost for the patients; thus, the clinic chain strategized to partner with SaveIN to provide interest from BNPL loans.
This embedded finance platform, SaveIN, which has successfully become the go-to platform for most of the healthcare organizations of the country, intends to expand its business and provide deferred payment offerings to around 5000 healthcare outlets in India. Consequently, PayNXT360 expects this kind of partnership to increase over the longer run, boosting the affordability of the patients through interest-free loans and creating India's largest integrated healthcare ecosystem.
Majority of the Indian consumers are either uninsured or underinsured. This is where QubeHealth entered to fill the gap with its innovative embedded finance product. Specifically, the platform is creating a payment method facilitating medical loans on tap, enabling individuals and their corporate medical reimbursements and insurance claims at their fingertips. An individual, under the umbrella of QubeHealth, can take better healthcare decisions through the QubeHealth Marketplace and can afford to pay any health expense. This is attracting several healthcare providers to partner with QubeHealth as the users do not need to face delayed insurance claim reimbursements, thereby providing a better experience.
Now, QubeHealth, with its pre-approved medical line and marketplace platform together with the tech-enabled platform Nova which provides insurance and employee wellness service, is revolutionizing the lookout of Indian companies towards employee health benefits. Consequently, PayNXT360 expects this partnership to serve several companies in India, improving employees' lives through better healthcare decisions. Over the next five years, QubeHealth plans to deploy over US$2 billion in medical credit by narrowing the gap between individual healthcare expenses and health insurance pay outs.
On the other hand, these partnerships with embedded finance platforms can be seen as part of the companies' employee happiness and retention strategy also. In a post-pandemic world, employee satisfaction has become of utmost importance. Consequently, QubeHealth, which is helping to elevate employee well-being, is anticipated to see strong demand in the Indian space.
Not only in India, embedded finance also forayed into healthcare in other countries as well. For instance,
This discounted healthcare service will attract a significant number of Nigerians who otherwise would not have been able to afford the healthcare services. Moreover, there is no minimum spend limit to apply for the discount to access services and medical products offered by healthcare merchants, and consequently, it is expected to capture a substantial number of debit card users.
Notably, Sofri, which in general offers loans, savings etc., now post partnership will be able to embed CarePay's healthcare discount business model, making healthcare more affordable for its customers. Apart from healthcare discounts, users can also access cashback, and telehealth, making healthcare services more accessible and affordable for Nigerians.
Apart from charging HSA directly, Aya will also provide its members purchase over the counter medications, vitamins, supplies and many more pharmacy products from the Mednow Wellness Shop. Aya, through its embedded product, allows employees to employees to make payments through healthcare spending accounts (HSAs) and wellness spending accounts (WSAs) with prepaid Mastercards. Consequently, PayNXT360 anticipates this partnership to help many healthiest companies in Canada to alter the lives of their employees through digital pharmacy care, reimbursement, and pharmacist support.
To know more and gain a deeper understanding of the global embedded finance market, click here.
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