Drivers on the Lyft platform now have access
to a host of new features including Lyft Direct Savings, Balance
Protection, enhanced cashback rewards, and more
SAN
FRANCISCO and TORONTO, Aug. 27,
2024 /PRNewswire/ - Lyft, Inc. (NASDAQ:
LYFT), one of the largest transportation networks in
North America, and Payfare
Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international
Earned Wage Access ("EWA") company powering instant access to
earnings and digital banking solutions for workforces, are
launching new features for the Lyft Direct debit card and banking
app. Lyft Direct is a worry-free, mobile banking solution designed
specifically for drivers on the Lyft platform. It offers free
instant access to earnings after every ride, allowing drivers to
better manage their finances and cash flow. The program also
features a cashback rewards system, where drivers can save on
everyday spending on essential items like fuel.
This upgraded version of the highly successful financial
management and wellness platform includes a range of innovative
features designed to enhance the financial well-being and overall
health of Lyft Direct cardholders:
Lyft Direct Savings. Drivers on the Lyft platform now
have access to a high-yield savings account, allowing them to grow
their savings faster with competitive interest rates. Cardholders
can now automatically add a portion of their earnings per ride to
their savings account, helping them achieve their financial
goals.
Balance Protection. In times of unexpected expenses,
qualifying cardholders (qualification terms and conditions apply)
can utilize Balance Protection, providing access to up to
$200 when they need it most. This
safety net ensures drivers on the Lyft platform can cover
unforeseen costs without disrupting their daily lives.
New Cashback Rewards. Elite drivers on the Lyft platform
can now save even more, with 10% cashback on gas, 12% cashback on
EV charging, and 5% cashback on dining.
Wellness Perks by Avibra. In partnership with Avibra,
cardholders receive a comprehensive suite of health and financial
wellness tools. These include prescription discounts, financial and
wellness advisors, life insurance and accidental death and
dismemberment insurance, and more, promoting a healthier and more
secure lifestyle for drivers on the Lyft platform.
Spend Insights. Drivers on the Lyft platform can now
take control of their personal budgets with Spend Insights. This
tool offers detailed analysis of spending habits, empowering
drivers to make informed financial decisions and manage their money
more effectively.
Cash ATM Deposits. Cardholders are now able to deposit
cash to their Lyft Direct account at participating ATM
locations.
"We are thrilled to partner with Lyft once again to bring this
enhanced version of Lyft Direct to life," said Marco Margiotta, CEO and Founding Partner of
Payfare. "These upgrades are designed to provide drivers on the
Lyft platform with the financial tools and wellness features they
need to thrive. At Payfare, we are committed to supporting all
workers and Lyft Direct is a testament to that commitment."
"Drivers can earn when, where, and for however long they want
driving on the Lyft platform, and we're continuing to support them
with the features they tell us they value the most," said
Jeremy Bird, EVP of Driver
Experience at Lyft. "These new additions to Lyft Direct will
help further empower drivers with banking products, financial tools
and cashback rewards, whether they are saving for their wedding,
providing for a family, or trying to earn some extra money on the
side to support their passions and dreams."
About Lyft (NASDAQ: LYFT)
Lyft is one of the largest transportation networks in
North America, bringing together
rideshare, bikes and scooters all in one app. We are
customer-obsessed and driven by our purpose: getting riders out
into the world so they can live their lives together and providing
drivers a way to work that gives them control over their time and
money.
Investor Relations: investor@lyft.com
Media: press@lyft.com
About Payfare (TSX:PAY, OTCQX: PYFRF)
Payfare is a leading, international Earned Wage Access ("EWA")
company powering instant access to earnings through an
award-winning digital banking platform for today's workforce.
Payfare partners with leading e-commerce marketplaces, payroll
platforms and employers to provide financial security and inclusion
for all workers.
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SOURCE Payfare Inc.