Mastercard and Lyft Partner to Provide Drivers Immediate Access to Their EarningsMay 15, 2019 | PURCHASE, NY | By Sarah Ely
New Lyft Direct Mastercard Debit, supports economic security for drivers with improved payout experience and a 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 an exciting opportunity for us to leverage our tech infrastructure, digital payments expertise and data-backed insights to help gig workers achieve better and more secure financial futures,” 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.
* No-Fee is defined as No Monthly Maintenance, No Monthly Service fees, No Minimum Balance fees, No overdraft fees, No fee to receive payment from Lyft, No Fees for making purchases with the card, & No ATM fees at over 20,000 select Allpoint ATM locations. If specific select services are utilized by customer, then they may have a fee for the specific service they request. For complete description of services and fees see 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)
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 the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.