Castrol India Limited
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 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 over one lakh transactions amounting to INR 6 crores being reimbursed monthly.
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.”
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
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.
To use the digital platform, a user simply has to download Castrol Fast Scan on their smartphone and scan the code printed on the respective Castrol product packs. As soon as the code is scanned, Castrol Fast Scan will flash the amount earned before transferring the same into the user’s bank account already registered on Castrol Fast Scan.
About Castrol India
Castrol, is one of the world’s leading lubricant brands and has a proud heritage of innovation and fuelling the dreams of pioneers. Castrol India Limited is one of India’s leading lubricants company and has established itself as a pioneer and innovator in the Indian lubricants industry. Its iconic brands such as Castrol CRB, Castrol GTX, and in more recent times power brands like Castrol Activ, Castrol MAGNATEC and Castrol VECTON, are used by millions of consumers and customers across the country. The company also has a presence in select segments like High-Performance Lubricants and metalworking fluids in industries as varied as automotive manufacturing to mining to machinery and wind & energy.
About Standard Chartered