Payment technology firm Mastercard has announced an expanded partnership with transportation network firm Lyft to provide drivers immediate access to their earnings.
Lyft Direct Mastercard Debit is a new co-branded debit card and bank account issued by Stride Bank and powered by Payfare. It will provide drivers with economic security with hand-picked benefits, including immediate access to their earnings, secure, no-fee bank accounts and cashback on everyday purchases.
Lyft Direct program will be initially available in eight US cities, including Atlanta, Denver, Houston, Las Vegas, Los Angeles, San Diego, Tampa, and Washington, DC.
Mastercard digital partnerships executive vice president Sherri Haymond said: “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.”
Lyft Direct Debit will help drivers efficiently manage their finances through immediately accessing their earnings.
Lyft drivers involving in the Lyft Direct program will be provided with access to secure and no-fee bank accounts, enabling drivers to reduce the costs.
The program will give drivers up to 4% cashback on the things they’re buying every day, helping drivers to save money on gas, groceries, select restaurants and other purchases.
It will enable drivers to automatically set aside earnings to help them save toward their targets.
Cardholders will have access to a wide and no-fee network of 20,000 ATMs, allowing to freely take money anywhere.
Lyft Direct Debit is provided with Mastercard ID Theft Protection that monitors personal and business information and offers a team of identity theft resolution specialists available online round the clock.
Lyft payments vice president Ashwin Raj said: “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.
“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.”