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,
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