This automotive lubricant company is offering Rs 6 crore monthly reward for customers, retailers

Backed by a robust reward management system offering an end to end solution, Castrol India Limited has announced its unique digital incentive platform — Castrol Fast Scan — for key stakeholders including mechanics and retailers has already reached 1.5 lakh users. This instant pay-out platform sees over 1 lakh incentive coupons scanned daily for reward aggregating worth Rs 6 crore a month in beneficiary bank accounts. Standard Chartered Bank is the banking partner for this industry-first solution which enables digital upskilling and financial inclusion. 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.

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, India 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.”

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.