India's leading automotive and industrial lubricant manufacturing company, Castrol India Limited, today announced that its unique digital incentive platform, Castrol Fast Scan, which is for key stakeholders including mechanics and retailers, has reached 1.5 lakh users.
Castrol Fast Scan helps retailers and mechanics to earn, redeem rewards, and receive them instantly in their bank account using IMPS.
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."
Castrol Fast Scan, currently, has one lakh average daily transactions, amounting to Rs 6 crore, reimbursed monthly. Additionally, Castrol Fast Scan also plans to double its user base in the next 12 months. Standard Chartered Bank is the banking partner for Castrol Fast Scan industry-first solution.
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."
(Edited by Vivek Dubey)