Castrol India Limited has revealed that Castrol Fast Scan, a 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. Now, the company targets to double its users in the next 12 months.
Castrol Fast Scan has acquainted many mechanics and retailers to banking on the go, besides inculcating a savings mindset. It has witnessed initial success and widespread acceptance with the current average daily transactions pegged at over one lakh transactions amounting to Rs 6 crore being reimbursed monthly.
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.”