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).
Automotive and industrial lubricant maker Castrol India today announced its new digital incentive program Castrol Fast Scan in association with Standard Chartered bank. The digital platform for stakeholders including mechanics and retailers has already reached 150,000 users.
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.
The company says through the digital solution it has acquainted 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 100,000 transactions amounting to Rs 6 crores being reimbursed monthly.
Omer Dormen, MD, 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.”
Responding to a query on the potential partnership with component makers in the aftermarket, Dormen said, that the company was already exploring such partnerships, and was in talks with several players to roll out their incentive program through Castrol Fast Scan.
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 ecosystem 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 aims to double its users in the next 12 months, which it says is an avenue for collaboration for other corporate partners looking to reach and reward various stakeholders in a transparent and secure manner. The company says the platform 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.