Bengaluru-based healthtech platform Practo has partnered with RBL Bank to launch a co-branded health-centric credit card – RBL Bank Practo Plus — powered by Mastercard.
The companies said that the card is designed to cater to customers in both metros and non-metro cities. Some of the benefits include unlimited online consultations with doctors 24×7, One free full body health check-up and for every INR 100 spent on this card, cardholder earns one unit of Practo HealthCash.
This HealthCash can be used while availing Practo services like ordering medicine, tests, online consultations. Once the credit card is issued, a Practo health plan account is created on the Practo app.
The cardholders need to log-in with their registered mobile numbers to access this plan under the MyHealth Plan section on Practo. The card also comes with complimentary access to the domestic airport lounge twice every quarter.
Harjeet Toor, Head – Retail, Inclusion and Rural Businesses, RBL Bank, said, “Healthcare is a largely untapped segment and this partnership will be a great opportunity for the Bank and Practo to leverage each other’s strengths to capture the market and offer customers a one-of-a-kind health card with exciting offers.”
Founded in 2008 by Shashank ND and Abhinav Lal, Practo operates a marketplace model to offer multiple services to users ranging from finding the healthcare provider to booking an appointment, online doctor consultation, getting their tests done and ordering medicines. The company has raised $251.2 Mn from investors such as Trifecta Capital, Tencent Holdings, Sequoia Capital among others.
Practo also makes software products that help healthcare providers in digitising their hospitals and clinics. The company website shows that it is present in 15 countries and enables 50 Mn appointments a year. It claims to have 100K healthcare providers onboard.
Tarun Bhambra, VP and business head, Practo, said, “This card gives a unique ability to consumers to use their regular spends for household expenses for subsidizing their monthly health spends on Practo platform.”
Indian banks and the leading companies from the startup ecosystem have joined hands to improve access to credit and further expand the fast developing credit card ecosystem in India. Recently, Flipkart and Axis Bank partnered to launch a cobranded credit card. A similar partnership was announced between Amazon-ICICI; GoIbibo-ICICI; Ola-SBI; BigBasket-DBS bank among others earlier this year.
The credit card ecosystem in India is growing at a fast pace and holds immense promise with regards to penetration and acceptance in many areas including ecommerce, travel, retail, payments and more. While most Indians have accessed some form of informal credit, there are only an estimated 49 Mn credit cards in circulation.
According to DataLabs by Inc42 estimates, the total market size of the healthcare industry in India is projected to be $202 Bn this year. This is a growth of 84% from the $110 Bn market size in the year 2016.