Mastercard to Launch Virtual Card for Medical Claim Payment
Through this launch, Mastercard aims to ease the back-end of cashless claims by connecting hospitals, insurers and third-party administrators in India.
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Payment network processor Mastercard is set to introduce a virtual card for medical claim payment solutions in partnership with one of the leading financial institutions in India and a cloud-based health tech platform Remedinet.
Raja Rajamannar, chief marketing and communications officer and president, healthcare, Mastercard, said, The healthcare industry is at an inflexion point, with evolving digital-first expectations challenging industry norms. Around the world, we’ve been working closely with healthcare organisations to better serve their partners and patients with a range of products and services well-tuned to drive simplicity, convenience and efficiency in payments and beyond.”
Chad Wallace, global head of Commercial Solutions, Mastercard, said, “We’re on a mission to integrate our technology into platform providers to drive seamless B2B payment experiences at greater scale. As we assessed industries where we can contribute with impact, healthcare emerged as a critical industry to unlock payment efficiencies.”
The company added that the facility will be available at all insurance-network hospitals in India on the Remedinet platform. The end-to-end solution will function by embedding virtual cards within the health tech platforms that connect payers and healthcare providers, such as Remedinet, using API connectivity. Mastercard aims to ease the back-end of cashless claims by connecting hospitals, insurers and third-party administrators in India.
