Dive Brief:
- On Monday, InstaMed, a healthcare payments network, announced it was making Apple Pay available to healthcare industry customers.
- Consumers will be able to use their iPhones to make payments at the point of service; providers, payers and vendors will have the option of offering Apple Pay as an online payment method.
- For security purposes, Apple Pay does not store credit card numbers. Instead, it uses a unique Device Account Number that is assigned, encrypted and securely stored on the customer's mobile device. Each transaction is authorized with a one-time unique dynamic security code.
Dive Insight:
"Approximately 20% of consumers have unpaid healthcare bills as a result of confusion in the payments process," said Chris Seib, CTO and Co-Founder of InstaMed. "To resolve consumer confusion and rising bad debt, the healthcare industry must deliver a simple, secure and private payment process with innovative technology, including Apple Pay. As mobile payments are expected to reach $142 billion by 2019, the healthcare industry must leverage solutions like Apple Pay to meet these consumer needs."