Navia launches Aarogya Pay for BNPL Healthcare
Smart healthcare company Navia Life Care has launched a new instant loan process called Aarogya Pay, designed to offer patients buy-it-now, pay-later (BNPL) options, the Free Press Journal reported Friday, May 20. .
The company seeks to help patients access medical treatment by offering zero-interest instant loans, which can be repaid in installments.
Navia Life Care said Aarogya Pay is intended to help patients manage the steep rise in medical costs, especially when health insurance policies are insufficient. In a statement cited in the report, the company said people often had to run “from pillar to post” to find the immediate funds needed to begin treatment.
Aarogya Pay is fully digital and will use QR codes in medical practices. By scanning the code, users can then use Aarogya Pay to obtain loans with a pre-approved credit limit, which can be used for “medical procedures, treatments, consultations, drug purchases and laboratory tests. “, according to the report.
The report notes that patients will also be required to complete a virtual Know Your Customer (KYC) check to find out their eligibility for the loan.
According to Navia Life Care co-founder Gaurav Gupta, the idea for the BNPL solution came from India’s low insurance penetration for healthcare, “resulting in high out-of-pocket expenses for patients” .
“This in turn leads to poor quality of care as patients postpone their treatments to later dates,” he said. “Aarogya Pay aims to change that by offering patients an instant zero-cost EMI/Buy Now option.”
Co-founder Nupur Khandelwal said the project is “ambitious” and said the company is targeting “transactions worth Rs. 100 crores on the Aarogya Pay platform over the next 6 months,” according to the report. .
As BNPL and other digital technologies grow in popularity, younger Millennials and Gen Z consumers have been among the biggest groups to embrace this option.
Read more: Young consumers embrace mobile wallets, BNPL
For example, a March study found that 38% of millennial consumers had used mobile wallets to pay for purchases in the month prior to the survey. This demographic was also more likely to buy things with a debit card rather than a credit card.