THIS startup launches Buy Now Pay Later to healthcare market

New Delhi: SaveIN, a consumer credit-focused fintech platform, has introduced an offline BNPL product called 'Care Now Pay Later' for financing need-based healthcare bills at physical locations of care (CNPL).

According to their news release, BNPL's present offerings are primarily limited to financing online purchases in impulse-driven categories such as clothes, cosmetics, gadgets, food, and so on. SaveIN has partnered with over 100 healthcare providers in Delhi, Gurgaon, and Noida to make healthcare more accessible and affordable. SaveIN addresses key health segments such as Dental, Eye Care, Veterinary, Diagnostics, Dermatology, Hair clinics, Fertility, Physiotherapy, and Fertility, among others.

SaveIN's goal, according to the company, is to make quality treatment more affordable by allowing individual healthcare providers from various categories to offer rapid, point-of-care flexible payment alternatives, resulting in a more integrated healthcare finance ecosystem.

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.”  

According to industry estimates, India's elective healthcare market is about $20 billion, with Optical/Eye Care, Dental, Diagnostics, Veterinary, Cosmetics, and Fertility among the most popular categories, with annual compound growth rates of 10% to 25%. Surprisingly, the majority of these health sectors are in-clinic procedures that are rarely covered by insurance or available with fast financing.

“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.    

According to them, the CNPL by SaveIN payment option would allow patients to split medical expenditures into tiny monthly instalments with little or no cost. The entire procedure will be paperless, and the organisation has developed a one-of-a-kind integrated client application and evaluation process.