Mastercard and the Medical Tourism Association (MTA) have announced an exclusive partnership to modernise the global healthcare payment landscape in a pioneering move to revolutionise the medical tourism industry. By integrating Mastercard’s advanced virtual card technology into MTA’s services, this collaboration promises unprecedented convenience, security, and efficiency to patients and providers worldwide.

A Landmark Partnership in Health Care Payments

Mastercard and MTA are introducing a one-stop platform equipped with sophisticated payment capabilities to address the pressing need for streamlined and transparent international payments. This platform will significantly enhance the overall experience for medical tourists, who often face complex and cumbersome payment processes involving cash or wire transfers. The partnership aims to eliminate these hurdles, bringing about a new era of digital financial transactions in the medical tourism sector.

“Mastercard is dedicated to solving pain points across various industries by simplifying the flow of money,” stated Chad Wallace, Global Head of Commercial Solutions at Mastercard. “Our collaboration with the Medical Tourism Association allows us to extend the benefits of our virtual card technology, creating safer and faster payment experiences on a global scale.”

Empowering Patients and Providers

Integrating Mastercard’s virtual card technology into the MTA’s operations will empower patients to book and pay for treatments effortlessly. Upon initiating and validating a payment, MTA’s banking partner will issue a virtual card to pay the healthcare provider directly, ensuring a seamless transaction process. This innovative payment method enhances security and provides real-time remittance data for more efficient financial reconciliation.

Jonathan Edelheit, Chairman and Co-Founder of the Medical Tourism Association, highlighted the significance of this development: “For nearly two decades, we’ve been dedicated to providing affordable, transparent, and high-quality health care by connecting patients with trusted providers worldwide. Integrating Mastercard’s payment capabilities into our platform is a critical step in our mission to make quality health care secure and accessible across borders.”

Introducing Better by MTA: A Comprehensive Health Care Platform

In addition to modernizing payment processes, the MTA is launching a new user-friendly platform, Better by MTA, which integrates Mastercard’s payment capabilities. This platform aims to unify medical and travel services, allowing patients to manage every aspect of their medical journey, from scheduling procedures to arranging travel and accommodation, all within a single interface. Better by MTA is designed to simplify travel choices, streamline payments, and enable patients to compare care options effortlessly.

Global Health Care Providers Embrace the Change

Healthcare providers worldwide have welcomed this initiative, recognizing the transformative potential of digital payment solutions. Johan W. F. de Letter, Europe/U.S. Group Director at Memorial Hospitals Group, expressed enthusiasm about the shift from cash to digital payments: “Medical tourism is one of Turkey’s fastest-growing industries, and we’re thrilled to be among the first to adopt Mastercard’s virtual cards. This shift will unlock efficiencies for our finance teams and provide unmatched payment security.”

Dr Andrew Elkwood, CEO of Advanced Reconstructive Surgery Alliance (ARSA) and founder of The Institute for Advanced Reconstruction, also praised the partnership: “Medical tourism is a win-win for the entire health care ecosystem, but significant challenges persist due to the lack of payment digitization. This collaboration will streamline cross-border payments, allowing us to provide quality health care to more people, regardless of their location.”

Artirat Charukitpipat, PhD, CEO of Bumrungrad International Hospital, emphasized the importance of accessible health care: “Ensuring that health care is available to anyone in need is crucial, yet cost often remains a barrier. By leveraging innovative payment methods like virtual cards, we can simplify transactions and make quality health care more attainable.”

Aysha Al Mahri, Deputy CEO of Burjeel Medical City, highlighted Abu Dhabi’s growing prominence in medical tourism: “With Abu Dhabi becoming a leading destination for treatments abroad, enhancing the payment process is essential. We are proud to partner with Mastercard and the MTA to implement virtual cards, improving the overall health care experience for patients and providers.”

A Vision for the Future

Mastercard and the Medical Tourism Association are set to launch these new payment capabilities with select health care providers worldwide and plan to expand to more providers by the end of 2024. This groundbreaking initiative is poised to redefine the medical tourism industry, offering a secure, efficient, and transparent payment solution that benefits patients and providers alike.

For more information on this partnership and the upcoming launch of Better by MTA, visit the Medical Tourism Association website and Mastercard’s official site.

The collaboration between Mastercard and the Medical Tourism Association marks a significant milestone in the evolution of medical tourism. By leveraging advanced virtual card technology, this partnership addresses critical pain points in cross-border healthcare payments, paving the way for a more accessible and efficient global healthcare ecosystem.

Written by: Soo James

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