Mastercard and Medical Tourism Association team on cross-border healthcare payments

This post was originally published on Fin Extra

Responding to the growing need to simplify access to global healthcare for medical tourists, Mastercard and the Medical Tourism Association (MTA) have announced an exclusive partnership to modernize the end-to-end healthcare experience for patients and providers around the world.

The Medical Tourism Association will utilize Mastercard’s commercial virtual card technology to go beyond arranging treatments to also facilitating fast and secure payments with healthcare providers. 

This marks a first-of-its-kind move for the medical tourism industry, which has largely remained reliant on cash and wire transfers, leading to a lack of financial transparency and limited payment options for individuals seeking treatments abroad. Insights from a recent Medical Tourism Patient Survey reveal that over half of patients globally expressed concerns over international payments[1] due to hidden costs, exchange rate complexities and greater fraud risk, demonstrating a clear need to improve the payment process.

“As a global technology company, we’re constantly innovating to solve pain points across multiple industries and simplify the way money flows across people and businesses,” said Chad Wallace, global head of Commercial Solutions at Mastercard, “We’re embedding our technologies to drive safer and faster payment experiences at scale, and this latest collaboration unlocks our ability to further extend the

Read the rest of this post, which was originally published on Fin Extra.

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