Castrol India Limited, the leading automotive and industrial lubricant manufacturing company in the country, announced that Castrol Fast Scan – its unique digital incentive platform for key stakeholders including mechanics and retailers has already reached 1.5 lakh (150,000) users. Standard Chartered Bank is the banking partner for this industry-first solution.
Castrol Fast Scan currently helps retailers and mechanics to earn, track and redeem rewards, and receive them instantly in their bank account using IMPS, leading to significant simplification and shortening of the incentive payment cycle from months to minutes.
Castrol Fast Scan has acquainted many mechanics and retailers to banking on the go, besides inculcating a savings mindset. Castrol Fast Scan has witnessed initial success and widespread acceptance with the current average daily transactions pegged at more than one lakh transactions amounting to INR6 crores (USD848,688) being reimbursed monthly.
“Castrol Fast Scan reinforces our commitment to our key stakeholders like mechanics and retailers to continue to add value to their respective businesses. Designed and developed in-house by Castrol India team and working on a robust back-end system, Castrol Fast Scan delivers a premium customer experience along with simplification and creates a significant differentiation by helping our stakeholders in financial inclusion and digital upskilling,” said Omer Dormen, managing director, Castrol India Limited.
“Technology is disrupting the way our clients operate and as a bank, we endeavour to work closely with them to develop customised eco-system solutions to drive their strategic growth. This solution has not only addressed a market need but also delivered on a larger digital agenda for India, whereby now Castrol can facilitate incentive payments to various stakeholders round the clock, in an instant and cashless manner. We truly believe that this partnership is one of its kind as it unlocks options where client-bank collaboration can provide exciting possibilities through transformation across industries,” said Zarin Daruwala, CEO, Standard Chartered Bank.
As next steps, Castrol Fast Scan aims to double its users in the next 12 months. It is an avenue for collaboration for other corporate partners looking to reach and reward various stakeholders in a transparent and secure manner.
Castrol Fast Scan offers numerous possibilities to enable sustained and customised engagement programmes for a variety of stakeholders. This will play a big role in enlarging their awareness and industry knowledge along with technical upskilling and capability building.