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EarlySalary Powers Affordability and Growth In Indian Healthcare Sector

In an era where technological transformation has changed everyone’s lives, the adoption of Fintech in the Healthcare sector has immensely helped the ecosystem offer better services. Digital payments have played a critical role in bringing down procedural pain points and minimizing queues at hospitals.

The Indian Fintech space is currently one of the most innovative industries in the world. As per industry reports, India’s Fintech adoption rate is at 87 percent, against the global average of 64 percent. New forms of credit lines like Buy Now Pay Later (BNPL) have successfully penetrated the retail-lending market and improved customer experience. This is now becoming evident in the Indian Healthcare sector, making it more accessible and affordable to the mass Indian population.

With BNPL taking the credit industry to the next level, market research estimates the Indian BNPL segment to grow into a $50bn industry. EarlySalary, a frontrunner in lending and BNPL segments, too has a wide reach across aspirational, tech-savvy customers.

According to NITI Aayog, Indians have paid over $72 billion in healthcare expenses from their pockets, presenting a tremendous opportunity for the Healthcare sector. Now that the industry is evolving, availing of instant cash has also become quick and easy. Enabling Indians to afford the best possible Health & Wellness treatment, EarlySalary’s Health BNPL offerings focus on three major categories: Credit Solutions for Emergency and Operative Medical Care Treatment, Elective and Planned Treatment, and Cosmetic and Aspirational Treatment.  For the same EarlySalary is creating an ecosystem of Care Now Pay Later Solutions across partnerships with Hospitals, Clinical Chains, Digital Health Providers, Health Insurance TPAs, Employee Benefit Platforms etc.

Due to ease of access courtesy of online platforms, taking a loan of amounts between Rs 5,000 to Rs 10 lacs has become faster, and available at the touch of a finger. With 24×7 availability, money gets transferred to bank accounts instantly, with no repayment charges and minimal paperwork. The technology ensures that all data is safe and secure.

For availing of such a loan, a person should be a resident of India, aged between 21 to 55 years, and a salaried individual. Once these criteria are met, all they need to do is download and register on the EarlySalary app. After a quick KYC approval, the amount is disbursed.

The pandemic highlighted the need for effective, efficient digital platforms that can handle payment-related challenges. Many people became apprehensive about visiting hospitals or clinics, which resulted in a surge for alternative methods. This is when healthcare-service providers began depending on digital modes of payments, to minimize the risk of spread.

The need for BNPL options and loans also grew during this period, as paying off medical bills became critical for many. Industry reports further indicate that around 35 percent of personal loans in the organized Fintech space are taken by millennials for medical expenses. For every small medical treatment, taking a small amount to pay for them can turn out to be a favourable option.

With hospitals focusing on digitization, Fintech has been a big support for the Healthcare sector in achieving that. Digital payments have played a crucial role in simplifying their processes.



It is interesting to see the Healthcare sector riding the digitization wave and transforming itself into a more customer-centric domain with the help of Fintech companies. EarlySalary too is playing its part in helping the Healthcare segment evolve, a growth philosophy that was reflected in its recent partnership with leading Healthcare institutions across India for creating affordability in the mid-income demographic. The Fintech industry for Health is expected to grow enormously in the immediate future, with healthcare providers embracing these opportunities with open arms.

(The author is Mr. Amol Maheshwari, Chief Distribution Officer at EarlySalary and the views expressed in this article are his own)

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