Mastercard partners with the Medical Tourism Association

The collaboration introduces a new platform integrating Mastercard's virtual card technology, designed to simplify payment processes for global healthcare services. Traditionally reliant on cash and wire transfers, the medical tourism sector has faced challenges such as financial opacity and limited payment options, complicating transactions for patients seeking treatments abroad. This initiative responds to these issues by offering patients the ability to book and pay for medical procedures using a variety of payment methods, with Mastercard virtual cards facilitating secure transactions directly to healthcare providers. 

The platform, named Better by MTA, will not only streamline payment processes but also integrate travel services, allowing patients to manage their medical travel arrangements comprehensively. This integrated approach aims to improve transparency and accessibility in healthcare services across borders. 

Initial implementation will involve several healthcare providers globally, with plans for broader adoption by the end of 2024. The partnership seeks to leverage digital payment solutions to overcome barriers and enhance the overall healthcare experience for patients and providers alike. 

In the company press release, representatives from Bumrungrad International Hospital talked about the process of handling cross-border payments for medical tourists traveling to Thailand, which has traditionally been slow and inefficient for providers. They also talked about their collaboration with the Medical Tourism Association and Mastercard to leverage new payment methods such as virtual cards, to streamline these transactions.

Other developments from Mastercard 

In July 2024, NOW Money a digital payroll and banking platform designed for migrant workers, has announced a strategic partnership with Mastercard. 

This collaboration involved the issuance of Mastercard payment cards to NOW Money customers, enabling secure, seamless, and convenient access to their finances. Moreover, the initiative aligned with NOW Money’s mission to offer inclusive financial solutions to underserved communities, enhancing the financial well-being of users across the Gulf Cooperation Council (GCC) region.