Global commerce platform WEX added a digital shopping solution to its Medicare Advantage supplemental benefits platform.
The Medicare Advantage marketplace expands the brick-and-mortar merchant network to which Medicare Advantage members already have access, according to a Thursday (Nov. 21) press release.
Now, members can buy eligible over-the-counter (OTC) products and grocery items online within WEX’s integrated member portal, per the release.
“This innovative Medicare Advantage marketplace allows our health plan partners to elevate their member’s experience,” WEX Chief Digital Officer Karen Stroup said in the release. “Delivering this platform demonstrates the agile market leadership WEX is known for — responding to a dynamically changing market with tailored solutions across the continuum of care.”
In addition to making it easier for Medicare users to shop, the marketplace also gives WEX’s health plan partners access to data insights, as well as the security and scale of WEX’s platform technology, the release said.
Health plans that work with WEX can use the marketplace to boost “product access and service for members in rural areas, members who prefer a digital experience, and members who need the option of an in-home shopping experience,” according to the release.
PYMNTS spoke with Stroup last month about how the B2B sector has emerged as a promising source of value and innovation for embedded payments.
Embedded finance is the integration of financial products like payments, lending, insurance or credit into business operations and customer workflows. In the B2B world, these integrations often help carry out high-value, complex transactions across industries.
For instance, Stroup said for companies like WEX, which processes over $225 billion per year in B2B payments, the emphasis is on embedding financial solutions into areas like travel, fleet management and supply chains. In these industries, embedded payments facilitate cross-border transactions, manage multiple currencies, and ensure secure and timely payments.
“Across B2B commerce, every second — and every dollar — counts,” PYMNTS wrote. “For decades, however, clunky, outdated payment systems have slowed things down, drowning businesses in manual processes and paperwork.”
Because the COVID-19 pandemic lasted as long as it did, Stroup said, “it forced digital experiences, and that drove a huge need for embedded everything, embedded finance.”
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