Mastercard has teamed up with ride-sharing firm Lyft to launch a co-branded debit card, called Lyft Direct Mastercard Debit, which gives drivers immediate access to pay.
The co-branded card and bank account is issued by Stride Bank and powered by Payfare.
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The facility provides drivers with benefits such as immediate access to their earnings, no-fee bank accounts and cashback on purchases.
This card is launched in eight cities. These include Atlanta, Denver, Houston, Las Vegas, Los Angeles, San Diego, Tampa and Washington, D.C. It will be expanded to additional markets later.
Cardholders will also have access to 20,000 ATMs and gain 4% cashback on dining purchases.
Furthermore, drivers will receive payment in their account immediately following the completion of every ride.
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By GlobalDataThe cards come with Mastercard ID Theft Protection facility. Furthermore, this monitors the cardholders’ business and personal information. A team of identity theft resolution specialists will be available for support 24 hours a day.
Mastercard executive vice president of digital partnerships 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.
“We are proud to partner with Lyft to empower drivers with the tools they need to bolster their economic security.”
Lyft vice president of payments 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.”
