Business
Lyft and Payfare Announce Launch of New Features for the Lyft Direct Debit Card and Banking App
Drivers on the Lyft platform now have access to a host of new features including Lyft Direct Savings, Balance Protection, enhanced cashback rewards, and more
About this update from Lyft, Inc.
[{"type":"text","content":"Drivers on the Lyft platform now have access to a host of new features including Lyft Direct Savings, Balance Protection, enhanced cashback rewards, and more \nSAN FRANCISCO and TORONTO, Aug. 27, 2024 /PRNewswire/ - Lyft, Inc. (NASDAQ: LYFT), one of the largest transportation networks in North America, and Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access (\"EWA\") company powering instant access to earnings and digital banking solutions for workforces, are launching new features for the Lyft Direct debit card and banking app. Lyft Direct is a worry-free, mobile banking solution designed specifically for drivers on the Lyft platform. It offers free instant access to earnings after every ride, allowing drivers to better manage their finances and cash flow. The program also features a cashback rewards system, where drivers can save on everyday spending on essential items like fuel.\n\nThis upgraded version of the highly successful financial management and wellness platform includes a range of innovative features designed to enhance the financial well-being and overall health of Lyft Direct cardholders:\nLyft Direct Savings. Drivers on the Lyft platform now have access to a high-yield savings account, allowing them to grow their savings faster with competitive interest rates. Cardholders can now automatically add a portion of their earnings per ride to their savings account, helping them achieve their financial goals.\nBalance Protection. In times of unexpected expenses, qualifying cardholders (qualification terms and conditions apply) can utilize Balance Protection, providing access to up to $200 when they need it most. This safety net ensures drivers on the Lyft platform can cover unforeseen costs without disrupting their daily lives.\nNew Cashback Rewards. 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.\nWellness Perks by Avibra. In partnership with Avibra, cardholders receive a comprehensive suite of health and financial wellness tools. These include prescription discounts, financial and wellness advisors, life insurance and accidental death and dismemberment insurance, and more, promoting a healthier and more secure lifestyle for drivers on the Lyft platform.\nSpend Insights. Drivers on the Lyft platfor...