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STFC to offer fuel credit to customers via HPCL outlets digitally

Press Trust of India  |  New Delhi 

(STFC) today said it will offer credit for fuel refilling to customers through a digital channel in partnership with Corporation (HPCL).

The two companies have inked a memorandum of understanding (MoU) to offer this credit-based fuel refilling service.

This will enable customers to have an efficient way of purchasing auto fuels like diesel, petrol and lubricants at credit, STFC said in a statement today.

STFC which offers various including commercial and tyre loans said this credit facility is an affordable low-cost working to monitor and control fuel expenses.

will be a cash/card-free transaction, the company said.

"STFC envisions filling the gap in providing end-to-end to its customers. Hence, this pact with HPCL is hopeful to serve the small road transport owner (SRTO's) and first time owner (FTU's), which forms more than 70 per cent of our customer base, with low-cost working capital," Umesh Revankar, MD and CEO, STFC said.

The tenure of the credit facility, based on OTP-based digital platform, will range from 15-30 days and customers.

"STFC in turn also hopes to contribute to the national goal of a cashless economy and Digital mission by linking this credit facility with a mobile number integrated web enabled OTP-based platform installed across HPCL retail outlets," Revankar said.

G S V Prasad, Director-Retail, HPCL said the tie-up will provide fuel to the customers with complete cashless convenience on pan-basis, along with loyalty rewards and insurance.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 13:55 IST