Automotive lubricant manufacturer Castrol India has announced the launch of 'Castrol Fast Scan', a digital incentive platform for key stakeholders including mechanics and retailers. The company says users on the new platform have already hit the 150,000 mark and counting. Standard Chartered Bank is the banking partner for this industry-first solution.
Castrol Fast Scan 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. According to the lube maker, Castrol Fast Scan has acquainted many mechanics and retailers to banking on the go, while also inculcating a savings mindset. Castrol Fast Scan has witnessed initial success and widespread acceptance with the current average daily transactions pegged at over 100,000 transactions amounting to Rs 6 crore being reimbursed monthly.
Commenting on the announcement, Omer Dormen, managing director, Castrol India, 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.”
Zarin Daruwala, CEO, 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.”
Aiming to double the user base in 12 months
Castrol says it aims to double its Castrol Fast Scan users in the next 12 months, adding that the digital platform offers several possibilities to enable sustained and customised engagement programmes for a variety of stakeholders. This engagement will play a big role in enlarging awareness and industry knowledge for mechanics and retails along with technical upskilling and capability building.
L-R: Omer Dormen, MD, Castrol India; Zarin Daruwala, CEO, Standard Chartered Bank, India (centre) along with Rashmi Joshi, CFO, Castrol India (extreme left) and Bharat Padmanabhan, Regional Head - Global Banking, India, ASEAN & South Asia, Corporate & Institutional Banking (CIB), Standard Chartered Bank (extreme right)