India’s 1st Health Wallet and Super Card Launching As QubeHealth Partners NPCI and BaaS Startup Falcon

With an aim to simplify healthcare and make it affordable, QubeHealth, one of India’s leading FinTech for HealthTech startups, announced its partnership with National Payments Corporation of India (NPCI) and BaaS startup, Falcon to introduce premium healthcare payment products for employed Indians. QubeHealth aggregates healthcare providers, lenders, payment services providers and Indian corporates to offer a frictionless healthcare borrowing and payment experience to salaried employees of some of India’s largest corporates.

The partnership will provide QubeHealth with a fast and cost-effective way to reach customers and embed next-generation payment and lending products into its offering.

Under this strategic alliance, Falcon provides its full-stack BaaS platform to the Qubehealth to embed a healthcare wallet and RuPay co-branded prepaid card for their end users. The card enables employees to get reimbursements on healthcare expenditure from their employers as well as load this card with their own fund to avail cashbacks of up to 50% and discounts at Qubehealth partner merchant ecosystem, which comprises over 600 brands of health service providers and over 11,000 hospitals and clinics across the country. The card, which can be used in both virtual and physical forms, is seamlessly integrated within the Qubehealth mobile app and offers a fully digital onboarding process, UPI P2M payments, and cashback rewards, among other advanced features.

By March 2023, QubeHealth projects over 100,000 subscribers and healthcare credits of INR 1,000 crore made available to its subscribers.

Commenting on this development, Chris George, Co Founder and CEO of QubeHealth said,“We are on a mission to change the way Indians will pay for healthcare and providing no-cost EMIs for healthcare is just the start. By 2025, we will deploy over a billion dollars in healthcare financing to employed Indians, putting the power back into their hands, when it comes to accessing healthcare for their family.”

Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI, commented "In today's business landscape, nearly every enterprise is becoming fintech-enabled, and NPCI is proud to play a crucial role in the growth of India's embedded finance ecosystem. With healthcare being a vital sector in the country, particularly in terms of inclusion and digitalization, we are delighted to collaborate with forward-thinking startups such as Qubehealth and Falcon. The launch of this Rupay powered QubeHealth Card is just the beginning for Qubehealth, as they have an ambitious roadmap in place."

According to Priyanka Kanwar, Co-founder of Falcon, the most transformative development in the financial industry in the coming decade will be the shift in the distribution of financial services. She stated, "Gone are the days when obtaining a credit card or savings account was limited to traditional banks. Instead, pioneering startups such as Qubehealth are emerging as major providers of financial services to their target audience, thereby allowing them to create personalized and innovative experiences for their customers. Falcon is thrilled to support QubeHealth's fintech layer by providing them with a rapid and cost-effective method for reaching their clientele. This partnership has given us the ideal opportunity to expand our product offerings and contribute to enhancing people's financial well-being."

About QubeHealth

QubeHealth is focused on solving the healthcare financing problem for healthcare expenditure that is not covered by health insurance. It offers No-Cost EMI Healthcare Finance to employees of corporates that subscribe to its service. By March 2023, it projects over 100,000 subscribers and a healthcare credit of Rs 1000 crore made available to these subscribers.

At present, QubeHealth has formed strategic partnerships with over 600 brands of health service providers and over 11,000 hospitals, clinics across the country. In addition to Healthcare service providers QubeHealth has partnered with multiple lenders. At present QubeHealth has more than 200 corporates who have signed up for Qube Credit, the QubeHealth product which allows employees to enjoy healthcare benefits at Zero cost.

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC) and Bharat BillPay.

NPCI is focused on bringing innovations in the retail payment systems through use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

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About Falcon

Founded by accomplished entrepreneurs Priyanka Kanwar and Prabhtej Bhatia, Falcon is a financial technology company that is disrupting the way modern fintech is built.

No matter what their core business, or size of operation – banks, NBFCs, and companies – can use Falcon’s future-proof stack to build bespoke payment and lending products at unreal speeds. Falcon’s stack can either be seamlessly embedded via flexible open APIs or launched instantly with no code solutions.

The company is backed by investors like Shamir Karkal (Founder, Sila Money), Abhay Hanjura & Vivek Gupta (Founders, Licious), Jeremy Solomon (Former CFO, Affirm), Ali Moiz (Founder, Stonks), Rangarajan Krishnan (CEO, Five Star Finance), Deepak Shahdadpuri (MD of DSG Consumer Partners), Devesh Sachdeva (MD, Fusion Microfinance), and executives from Softbank, UAE Sovereign Fund, Silicon Valley Bank, Robinhood, & Facebook.

Falcon’s leadership team packs in ex-executives from the world’s largest financial players like RBL Bank, HDFC, FIS, Zeta, and Mahindra Comviva.

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