Leading automotive and industrial lubricant manufacturing company in India, Castrol, recently announced the Castrol Fast Scan, a unique digital incentive platform for key stakeholders including mechanics and retailers. Castrol has already managed to reach over 1.5 lakh users using this unique platform. Currently, the Castrol Fast Scan helps retailers and mechanics earn, track, redeem rewards and also receive them almost instantly in their bank account using IMPS. This Fast Scan system makes the process of incentive payment even more simplified and quick. Also, Standard Chartered is now the official banking partner for this industry-first solution.
Castrol Fast Scan also offers numerous possibilities to enable sustained and customised engagement programmes for a variety of stakeholders. Recently, Castrol Fast Scan had witnessed success and widespread acceptance with over one lakh transactions daily that amount to almost INR 6 crores being reimbursed on a monthly basis. For its next step, Castrol Fast Scan aims to double its users in the next 12 months, as it is an avenue for collaboration for other corporate partners looking to reach and reward various stakeholders in a transparent and secure manner. This will play a big role in enlarging their awareness and industry knowledge along with technical upskilling and capability building.
Commenting on the announcement, Omer Dormen, Managing Director, Castrol India Limited, said, “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.”
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Zarin Daruwala, the CEO of Standard Chartered Bank, said, “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.”