Digitizing the payments and healthcare space in India

Tired of finding and carrying stacks of files for a doctor’s visit? Oops! Lost some reports meanwhile? Stopping at the ATM to withdraw cash on the way to the hospital has become a routine? Not anymore. The world is changing and so is our healthcare ecosystem in more ways than just online payment and it is here to grow.

The evolution of online pharmacies, e-billing, digital invoices, real-time UPI payments, etc. collectively have improved business proficiency and established a clear ecosystem. The way insurance companies and hospitals interact with patients are changing and they’re now the new face of the progressive healthcare industry.

The Healthcare arena has witnessed major evolutions since ancient times. Whether it was the advent of Ayurveda or the discovery of Penicillium, Healthcare has faced new challenges and emerged victorious with even more efficient solutions. The need of the hour is to digitalise the Healthcare ecosystem and make it feasible for patients to access different services from the comfort of their homes. Where every other industry is growing at the pace of consumer demands, Healthcare has been left behind.

Think of a situation where the receptionist at the entrance of the hospital hands over a long bill to you. Your total amount would be 5,647 rupees with a myriad of taxes, she says! How many times have you dug inside your wallet or pocket to find change and found none? How many times has there been a cash crunch or your card hasn’t been working? When it comes to your health, any mismanagement isn’t worth it. Moreover, prices in the healthcare industry are continuing to climb, and more complex medical services like Infusion therapy, Telemetry monitoring, Chest Tube care, etc are now becoming easily accessible. Keeping up with such developing standards has been a major setback for developing nations. Adopting seamless digitization and automation payment methods are accelerating across the ecosystem as a result of new data-driven technologies.

During the shutdown, the Covid-19 pandemic expedited the transformation from a currency-based society to a cashless economy. With the ever-growing spread of the Coronavirus; hospitals, pharmacists, diagnosticians, paramedics, and others were forced to rethink and adapt the new processes in order to comply with the imposed directives. One of the most essential methods to do this was to almost fully digitize the processes involved in handling and treating patients. Patients felt cautious about visiting hospitals or clinics as infections were at an all-time high, and alternative methods rose in popularity almost immediately. To reduce the risk of spread, several healthcare service providers started using digital payment methods.

Traditional healthcare companies usually have been producing value inside the confines of their company or supply chain; when they shift to digital platforms, on the other hand, they successfully harness and orchestrate a platform-mediated ecosystem to create and co-create value with a far broader set of partners and players. UPI, on the other hand, is a single-window interface that allows you to instantaneously transfer funds between bank accounts, pay a merchant or service provider online by scanning a QR code, or using a UPI ID. Personalised patient care, healthy community practices, ease of data accumulation and ensuring safety and longevity are a few of the contributing factors in making digital payments the urgent need of the hour.

In spite of the fact that several industries went fully digital before the Covid-19 epidemic, digital payment growth accelerated dramatically during the pandemic. UPI payment transactions have quadrupled in the last year, according to the National Payments Corporation of India (NCPI), and reached 2.73 billion in March 2020. On the contrary, as the number of digital payment applications grows, so does the amount of digital payment fraud that occurs. Many consumers were more worried about online transaction scams and frauds than the ease of payment.

Online transaction scams are the subject of many fraud tales. There are various kinds of cyber frauds, but three stand out: "Request Money," "Phishing," and "Vishing." During the global health crisis, fraudulent phone calls, SMS, cashback & return, and illegal SIM cloning frauds have increased substantially.
However, in a country like India which consists of a rural population, the ease of technology with such payment-sensitive methods is one of the challenges that the government and the private sector are trying to address. Even though the internet today is easily available to teach multiple things it is still necessary to educate the population about the advancements in technology for their better use.

Solutions for the prevalent dangers in the online realm could possibly be effectively solved by new-age, tech-savvy blockchain and sound wave methods.

Every time a transaction occurs in the system, a record of it is kept on the blockchain as a public record. Because these ledgers are similar, the trail of transactions may be followed all the way to the beginning. Furthermore, if a distributed ledger node is attacked, the information on other nodes may be used to recover the attacked node. As a result, Blockchain is the best technology for storing the history of financial transactions.

As a perfect complement to the blockchain system, sound-wave technology allows data and actionable information to be sent through sound to and from the user's mobile phone. Because sound-wave-based technology is hardware-independent, it may be used to make digital payments without the need for smart devices or a working internet connection. Tokenization, three-layer encryption, host card emulation, white-box cryptography, and TOTP are just a few of the security features included in the integrated blockchain and sound-wave technology for multi-layer protection. When blockchain and sound wave technologies are combined, users at Point of Sale (PoS) will be able to transact safely.

The combination of integrated blockchain and sound-wave technology is the most comfortable payment method for the user, as well as a secure gateway to smooth transactions. There is no lag in the safe payment process due to connection issues with this method since it just uses a microphone and a speaker. This gives the user an advantage of seamless and contactless payment while the emitter or receiver is within hearing distance.

Threats to payment fraud and security impede the development of a digital payment ecosystem. A digitised economy has a bright future, thanks in part to recent technical advances like integrated blockchain and sound-wave technologies.

After a lot of advancements, the radicalizations brought forward was a 3 pillar change model which consisted of Government Schemes, Healthcare and Education, Business, and Miscellaneous.

The Government of India launched its flagship effort, Digital India, with one of the main difficulties it wanted to address being customers' aversion to experimenting with pre-existing online payment structures. While there are several reasons for this, one of the most important is the need to recall complex facts such as bank account numbers, IFSC codes, net banking passwords, and so on.

Furthermore, because most online banking portals in India rely on old technology to aid their operations, the task becomes even more difficult for the common customer. The UPI rails architecture, on the other hand, permits peer-to-peer transfer in seconds, and when used at scales, such as in government initiatives like DBT (Direct Benefit Transfer) and Jan Dhan Yojana, the benefits become obvious.

In India, the UPI framework has advanced by leaps and bounds in the last five years, making it easier than ever for merchants and customers to transact from the comfort of their mobile screens.

We, at OCareNeo, are absolutely backing you up for a brighter future as the government continues its efforts to nurture India's digital economy. OCareNeo is a digital health bank that makes all health transactions easier than ever before, personalized, secured, and rewarding. In the modern digital banking environment, it's all about you, and we want to make it as simple and straightforward as possible for you.

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