Member Exclusive, Payments

Looking to the future: Healthcare is the next frontier for Buy now, Pay later

  • Walnut is one of a few lending apps that strives to make healthcare more affordable in the US.
  • Experts believe that there are opportunities for growth in the healthcare, service and travel industries over the next few years.
close

Email a Friend

Looking to the future: Healthcare is the next frontier for Buy now, Pay later

A few years ago, Roshan Patel watched a hospital slap a relative with a $5,000 medical bill for a fractured leg after she was hit by a car while out for a run. Patel recalls the experience being terrible for the family because the hospital would not lower the bill. Eventually, the hospital threatened to send the family to collections, who eventually threatened to sue them. 

“It stood out to me as a compelling problem,” says Patel. “A bill of that size can just derail your life financially for a lot of Americans.”

Patel is now the founder and CEO of Walnut, an embedded lending app that makes healthcare more affordable for patients by breaking up large medical bills into small, monthly payments. Currently, Walnut is just one of a handful of healthcare-centric buy now, pay later firms in the market. 

With patients suffering from medical debt, hospitals struggling with uncompensated care and no major BNPL making a play just yet, leading industry figures believe that healthcare is the new frontier for BNPLs. They also anticipate opportunities for BNPLs to expand into different verticals over the next few years, such as service and travel. However, increasing use of BNPLs is leading to a debt issue that experts believe US regulators will address within the next year or two. 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Looking to the future: Healthcare is the next frontier for Buy now, Pay later”

Member Exclusive, Payments

Payments Briefing: Is the ‘Apple Pay Later’ hype warranted?

  • This week, we review the hype around Apple Pay Later and try to determine how much of it is justified.
  • We also look at Square’s move to bring Afterpay to in-store purchases, making it even easier to pay in four – and how this greater ease could lead to overspending and growing consumer debt.
Ismail Umar | June 23, 2022
Member Exclusive, Payments

How the global microchip shortage is affecting the payments industry

  • While chip-based payment cards face the biggest threat, experts say the only aspect of payments immune to the shortage is physical currency.
  • As banks look to address the problem, one of the solutions being discussed is extending payment cards' expiration dates.
Subboh Jaffery | June 20, 2022
Payments, Podcasts, What's Happening in Payments Podcast

What’s Happening in Payments Ep. 8: Klarna and the future of BNPL, PayZen’s ‘Care Now, Pay Later’, and Mastercard’s ‘Smile to Pay’ system

  • This week, we discuss whether BNPL offers a sustainable business model for providers, and whether it’s even viable as a standalone business.
  • We also talk about PayZen’s ‘Care Now, Pay Later’ offering, as well as Mastercard’s ‘Smile to Pay’ system, and what it tells us about the future of privacy and security in payments.
Ismail Umar | June 17, 2022
Payments, Sponsored

International remittances: A money movement lifeline ripe for digitization

  • Digital transformation is simplifying how people move money around the world, yet barriers to international P2P transfers remain.
  • In honor of International Day of Family Remittances, Visa shares four tips for how policymakers can better streamline digital remittances.
Visa | June 16, 2022
Member Exclusive, Payments

Payments Briefing: PayZen wants to combat rising medical debt with ‘Care Now, Pay Later’ solution

  • This week, we explore how PayZen uses a variant of BNPL to tackle healthcare affordability in the US.
  • We also hear from Stax CEO Suneera Madhani on the gender gap in fintech.
Ismail Umar | May 26, 2022
More Articles