Buy Now Pay Later (BNPL) programs have taken the credit sector by storm, with the business anticipated to expand to $50 billion in India by 2028. BNPL offers have previously been limited to financing online purchases in impulse-driven categories such as apparel, cosmetics, gadgets, food, and so on. Still, now a new fintech company called SaveIN has launched an offline BNPL product for financing need-based healthcare expenses at physical points of care, termed ‘Care Now Pay Later’ (CNPL).
SaveIN has partnered with over 200 healthcare providers in Delhi, Gurgaon, and Noida to make healthcare more accessible and affordable. Dental, Eye Care, Veterinary, Diagnostics, Dermatology, Hair Clinics, Fertility, Physiotherapy, and Fertility are among the key health segments addressed.
SaveIN’s growth plans include making excellent treatment more affordable by enabling millions of individual healthcare providers from various segments to offer fast, point-of-care flexible payment solutions, resulting in India’s most integrated healthcare financing ecosystem.
Over 70% of Indians prefer private healthcare, so it’s no wonder that healthcare costs account for $40 billion in out-of-pocket spending each year. It also doesn’t help that insurance penetration is less than 1% of GDP. This places a great deal of financial hardship on many people, especially in the case of emergency or unanticipated demands. Buy Now Pay Later (BNPL) services offer a substantial opportunity and a much-needed solution for both customers and medical providers in the healthcare industry.
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.”