New Delhi: Two fintech startups, Falcon and QubeHealth, have signed a Memorandum of Understanding (MoU) with the National Payments Corporation of India (NPCI) to launch a RuPay Health Card, which will enable users to make cashless transactions for medical expenses.
The RuPay Health Card is a prepaid card that can be used to pay for medical expenses at hospitals, clinics, and pharmacies. The card will be linked to the user’s bank account and can be recharged as required. The card will also be equipped with insurance cover, which will offer users protection against medical emergencies.
The partnership with NPCI will provide the necessary infrastructure for the RuPay Health Card to function effectively. NPCI is a not-for-profit organization that operates the Unified Payment Interface (UPI) and other retail payment systems in India.
Falcon is a digital lending platform that specializes in providing loans to individuals and businesses. The company has developed a proprietary credit scoring algorithm that uses machine learning to assess the creditworthiness of borrowers. QubeHealth, on the other hand, is a healthtech startup that offers a range of healthcare services to consumers.
The collaboration between Falcon and QubeHealth will enable users to access medical loans at competitive interest rates. The loans will be disbursed directly to the user’s RuPay Health Card, which can be used to pay for medical expenses.
The RuPay Health Card is expected to benefit millions of Indians who currently do not have access to affordable healthcare. The card will make it easier for users to pay for medical expenses and will also help to reduce the burden on the healthcare system by promoting cashless transactions.
In conclusion, the partnership between Falcon, QubeHealth, and NPCI is a significant development in the fintech and healthtech industries in India. The RuPay Health Card has the potential to revolutionize healthcare in the country by making it more accessible and affordable to a larger section of the population.