Lyft And Payfare Team Up To Transform Driver Earnings: Details

Lyft, Inc. LYFT shares are trading lower on Tuesday. The company inked a pact with Payfare, Inc. PYFRF to introduce new Lyft Direct debit card and banking app features.

Lyft Direct is a mobile banking solution developed specifically for drivers on the Lyft platform. The development allows drivers to manage their finances and cash flow better.

The program also features a cashback rewards system, where drivers can save on everyday spending on essential items like fuel, Lyft said in a press release.

“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. 

Also Read: Lyft Q2 Earnings: Active Riders Increase 10%, Gross Bookings Surge 17%, Introduces Price Lock Feature

This enhanced version of the popular financial management and wellness platform introduces a variety of new features aimed at improving the financial health and overall well-being of Lyft Direct cardholders.

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.

“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,” Bird added.

Price Action: LYFT shares are trading lower by 1.23% to $11.64 at last check Tuesday.

Photo via Shutterstock

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.