Mastercard and Lyft Partner to Provide Drivers Immediate Access to Their Earnings
May 15 2019 - 9:00AM
Business Wire
New Lyft Direct Mastercard Debit, supports
economic security for drivers with improved payout experience and
no-fee bank account offering
One-third of the U.S. workforce earns at least part of their
income through the gig economy. Today, Mastercard announced an
expanded partnership with Lyft to bring Lyft drivers the tools they
need to thrive in the ever-changing gig economy. Lyft Direct Debit,
a new co-branded debit card and bank account issued by Stride Bank
and powered by Payfare, strengthens drivers’ economic security with
hand-picked benefits, including immediate access to their earnings,
secure, no-fee bank accounts and cashback on everyday purchases.
The program will first launch in eight U.S. cities, including
Atlanta, Denver, Houston, Las Vegas, Los Angeles, San Diego, Tampa,
and Washington D.C.
“The growing gig economy creates a particularly challenging yet
exciting opportunity for us to leverage our tech infrastructure,
digital payments expertise and data-backed insights to help level
the playing field for gig workers,” said Sherri Haymond, executive
vice president, Digital Partnerships, Mastercard. “We are proud to
partner with Lyft to empower drivers with the tools they need to
bolster their economic security.”
"Today, we continue to build on our commitment to drivers with
the launch of Lyft Direct, part of our broader Lyft Driver Services
program, offering drivers accessible financial solutions and
savings opportunities,” said Ashwin Raj, vice president, Payments,
Lyft. “We are thrilled to work with Mastercard, an industry leader
in financial products and a thought leader in financial inclusion,
to help drivers with everyday expenses.”
The Lyft Direct program provides tailored benefits with gig
workers’ needs in mind, including:
- Instant Access to Earnings:
Today’s worked need flexible ways of earning more money while
choosing their own schedule. To manage their finances, they need
immediate access to their earnings.
- No-Fee Bank Accounts: Americans
pay an average of $163/year in bank fees* and the rising costs of
maintaining a bank account disadvantages gig workers. Now, Lyft
drivers who participate in the Lyft Direct program will have access
to secure, no-fee bank accounts.
- Cashback on Everyday Purchases:
Designed to save drivers money on gas, groceries, select
restaurants and other purchases, the Lyft Direct program will give
drivers up to 4% cashback on the things they’re buying every
day.
- Built-in Savings Accounts: The
Lyft Direct program will help drivers automatically set aside
earnings to help them save toward their goals, whether that’s some
extra income for an emergency or a vacation.
- Extensive ATM Network:
Cardholders will benefit from access to a wide, no-fee network of
20,000 ATMs so they can have free access to their money, no matter
where they are.
- Mastercard ID Theft Protection™:
Cardholders will enjoy peace of mind with access to Mastercard ID
Theft Protection™, which monitors their personal and business
information and offers a team of identity theft resolution
specialists available online 24/7/365.
Mastercard’s commitment to helping gig workers unlock their
financial potential is a key pillar of its inclusive growth program
in North America, which offers specialized products and services
for gig workers and next-generation workers. The program leverages
Mastercard technology and expertise to address the challenges of
workers who juggle multiple jobs, variable paychecks and
inconsistent benefits in three key areas, including digital
solutions to manage finances and speed payments, government
services for greater innovation and efficiency, and smart cities
for a more digitally inclusive future.
The Lyft Direct Mastercard Debit Card is powered by Payfare and
issued by Stride Bank, N.A. Member FDIC, pursuant to a license from
Mastercard International and available through the Lyft Driver app.
For additional details, visit
www.lyft.com/driver/direct-debit-card.
*Source: Feb. 2019 MoneyRates.com Checking Account Fee Survey
(https://www.money-rates.com/research-center/bank-fees)
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
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Mastercard Communications Contact:Sarah
Elysarah.ely@mastercard.com914.249.6714
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