Buy Now Pay Later (BNPL) programs have taken the credit industry by a storm and it is expected to grow into a $50bn industry by 2028 here in India. Currently BNPL offers have largely been confined to financing online purchases, that are largely impulse based categories like apparels, cosmetics, gadgets, food etc., but now a new age fintech company SaveIN has launched a unique offline BNPL product for financing need-based healthcare expenses,at physical points of care and they are calling it ‘Care Now Pay Later’ (CNPL). With an aim to make healthcare more accessible and affordable, SaveIN has tied up with over 100 healthcare providers in Delhi, Gurgaon and Noida Addressing Key health segments including Dental, Eye Care, Veterinary, Diagnostics, Dermatology, Hair clinics, Fertility, Physiotherapy, Fertility among others.
As part of its aggressive growth plans, SaveIN aims to facilitate quality care with enhanced affordability, enabling millions of individual healthcare providers from several different segments to offer instant, point of care flexible payment solutions, thereby building India’s largest integrated healthcare finance ecosystem.
Indians spend over $ 40 billion per annum on healthcare and as per industry estimates, nearly 95% of this is paid out-of-pocket. As a result, a large chunk of the population is unable to meet their health expenditure or end up settling for sub-optimal products and treatments. COVID-19 has led to a significant alteration in outlook towards individual health and as a result, Indians are becoming increasingly sensitive to the benefits of timely and quality healthcare. Buy Now Pay Later (BNPL) option has transformed the retail sector and healthcare is widely expected to be the next frontier that is best placed for disruption using this new age deferred payment solution.
Announcing the launch of this innovative proposition, Jitin Bhasin, Founder & CEO, SaveIN said, “Indians across demographic profiles are becoming increasingly sensitive to their physical and mental well-being. We at SaveIN are committed to deliver on-demand credit and flexible payment options to Indians, thereby facilitating timely and quality healthcare for all, no matter the circumstance. SaveIN, with a reliable,verified and fast- growing partner network, would offer 100% digital, flexible deferred repayment options at points of care across the country. With CNPL, one can avail zero cost payment options while availing healthcare products and services at providers near them. We have seen tremendous initial feedback from our healthcare partners and customers alike.”
As per industry estimates, elective healthcare in India Is a $20 billion market with Optical/Eye Care, Dental, Diagnostics, Veterinary, Cosmetics and Fertility being some of the largest categories and growing between 10%-25% compounded annually.Interestingly, most of these health segments are in-clinic processes and generally not covered by insurance or instant credit options.
“With a vision of providing timely care for every Indian, SaveIN is all set to revolutionize the way healthcare is delivered and consumed in India. We will be creating a win-win proposition for both providers and consumers. Providers will be able to servicemore customers, experience superior customer retention, and better cash flow management. Whereas a customer would be benefited by availing quality and timely care without burning a hole in their pockets. The entire process can be completed in under 60 seconds, making it a seamless payment experience” added Jitin Bhasin.
The innovative payment option- CNPL by SaveIN- would allow patients to split medical bills into small monthly payments that include minimal or no cost. The entire process will be completely paperless and the company has created a unique integrated customer application and assessment process.