The Arab African International Bank (AAIB) has launched Egypt’s first health care credit card in partnership with Visa and Medmark Health & Life, Egypt's leading medical assistance and insurance services operator.

The card is developed for Bupa International, Horizon PMI and International SOS.

It provides members with a ‘cash-free’ means to pay for health care services and receive electronic reimbursement by their insurance provider. It can also be used to pay for regular purchases.

“We’re very happy to partner with AAIB and Medmark to develop Egypt’s first health care payment card,” said Tarek Elhousseiny, Visa general manager North and West Africa.

“Visa and AAIB are solidly committed to developing innovative products in the marketplace. Not only does this card provide holders with an efficient and convenient means to finance health care costs, but it marks the first time that the value of chip technology is realized in Egypt,” he added.

“In effect this makes it a valuable contributor to the health care sector helping holders to receive appropriate treatment within shorter lead times.

“The health & lifestyle card is the first of its kind in Egypt and the Middle East. Smart chip usage was confined to credit card applications to provide unrivalled levels of security and protection against fraud. Now they are used to store bank customers’ data.”

The AAIB-Visa Medmark card will be the first in Egypt to leverage the potential of chip technology by storing patient health information. This means that the comprehensive data may help health care providers administer the most appropriate treatment and helps to make critical information readily accessible in emergencies.

Hassan Abdalla, AAIB vice chairman and managing director, confirmed that storing health data is only one of the endless benefits that smart technology can provide.

“Introducing smart technology a couple of years ago doesn’t only prove our leadership, but it also confirms our capabilities to develop it and take it to new horizons that surpass traditional banking transactions,” Abdalla said.

Once the claims are reviewed, expenses are automatically reimbursed via crediting members’ AAIB card accounts. Medmark Health & Life customers stand to benefit from this new payment solution that cuts back on paperwork and offers greater flexibility and options for financing their health care payments.

“Medmark is delighted to offer its clients this valuable product in partnership with Visa and AAIB,” said Mahmoud Ramadan, managing partner of MEDMARK Health & Life.

“We are confident that the speed, ease and convenience provided by this card will truly make a difference in the quality of health care services. It will greatly simplify multiple processes allowing us to provide members with viable advantages in line with our status as Egypt’s leading health care services provider.'

The AAIB-Visa MEDMARK card provides members with a credit line of LE 5000 ($890) with minimal documentation requirements. Members may also issue supplementary cards for family members allowing independent use. In addition to its value in the field of health care, the card can be used as a regular credit card to pay for all purchases at electronic points of sale (POS).

“Visa is committed to developing leading electronic payment solutions tailored to meet the needs of various market segments,” said Tarek Elhousseiny.

“The AAIB-Visa Medmark card is a demonstration of our joint collaboration to identify opportunities and develop products that empower consumers and provide them with convenience, ease and security,” he added. – TradeArabia News Service