Health-tech company QubeHealth, focused on disrupting the Out-of-Pocket medical Expenditure (OoPE), has partnered with OboPay, the global mobile payment solutions company to launch a 0% Interest, Collateral-Free, Pre-Approved Healthcare Credit Card for Employed Indians and their families.
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, a release said.
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 Out-of-Pocket-Expenditure (OoPE) on healthcare in the world, 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, are under-covered.
Powered by a physical and a digital, app-based card, registered Users – Employees of QubeHealth’s Corporate Clients, 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 installments of up to 24 months, the release added.
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 activated across 735 towns/cities.
QubeHealth CEO & Co-Founder Chris George said, “Employee-Healthcare is now center-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,” he added.
OboPay CEO Shailendra Naidu said, “We are excited to partner with QubeHealth in their journey to provide timely and much needed healthcare credit to millions of employees in India. 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.”
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 on-board 100,000 Users within the next 6 months, with an average credit line of Rs 6 lakh Per User.