Lyft and Payfare Announce Launch of New Features for the Lyft Direct Debit Card and Banking App
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.
