Lyft and Payfare Announce Long Term Extension of Lyft Direct Program

Rhea-AI Summary

Lyft (NASDAQ: LYFT) and Payfare (TSX: PAY, OTCQX: PYFRF) have announced a long-term extension of their Lyft Direct program partnership. This collaboration offers drivers on the Lyft platform a mobile banking solution with key benefits:

1. Free instant access to earnings after every ride
2. A feature-rich digital banking platform
3. A robust cashback rewards program for everyday spending
4. Exclusive discounts and offers

The extension aims to support drivers' financial well-being, allowing them to better manage their finances and cash flow. Both companies expressed enthusiasm for the continued partnership, emphasizing their commitment to empowering gig economy workers with tailored financial tools.

Positive

• Long-term extension of successful Lyft Direct program partnership
• Provides free instant access to earnings for Lyft drivers after every ride
• Offers cashback rewards program for essential spending like fuel
• Includes a feature-rich digital banking platform tailored for gig workers

Negative

• None.

The extension allows Lyft Direct cardholders to continue benefiting from free instant pay after every ride, a rich cashback rewards program, and more

SAN FRANCISCO, Calif. and TORONTO, July 25, 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 excited to announce the long-term extension of their successful partnership on Lyft Direct. This extension allows drivers on the Lyft platform to continue benefiting from free instant pay, a feature rich digital banking platform, and a robust loyalty rewards program, so drivers on the Lyft platform can keep more of what they earn.

Lyft Direct, powered by Payfare, 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.

Lyft Direct offers drivers on the Lyft platform a suite of financial services tailored to their unique needs. Drivers can manage their earnings, track spending, and access exclusive discounts and offers through the Lyft Direct app. 

The long-term extension of the program is a testament to the success of Lyft Direct and the ongoing commitment to support the financial well-being of cardholders.

"We are thrilled to continue our partnership with Lyft through the extension of Lyft Direct," said Marco Margiotta, CEO and Founding Partner of Payfare. "Our mission has always been to empower gig economy workers with financial tools that improve their lives. By providing instant access to earnings and valuable cashback rewards, we are helping drivers on the Lyft platform achieve greater financial security and independence."

"Drivers can earn when, where, and for however long they want driving on the Lyft Platform, so they should also have access to those earnings whenever they need them," said Jeremy Bird, EVP of Driver Experience at Lyft. "Our partnership with Payfare provides drivers with immediate access to their finances via Lyft Direct, 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."

About Lyft (NASDAQ: LYFT)

Lyft is one of the largest transportation networks in North America, bringing together rideshare, bikes, and scooters all in one app. We are customer-obsessed and driven by our purpose: getting riders out into the world so they can live their lives together, and providing drivers a way to work that gives them control over their time and money.

Investor Relations: investor@lyft.com
Media: press@lyft.com

About Payfare (TSX:PAY, OTCQX: PYFRF)

Payfare is a leading, international Earned Wage Access ("EWA") company powering instant access to earnings through an award-winning digital banking platform for today's workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms, and employers to provide financial security and inclusion for all workers.

View original content:https://www.prnewswire.com/news-releases/lyft-and-payfare-announce-long-term-extension-of-lyft-direct-program-302206264.html

SOURCE Payfare Inc.

FAQ

What are the main benefits of the Lyft Direct program for Lyft drivers?

The main benefits of Lyft Direct for Lyft drivers include free instant access to earnings after every ride, a feature-rich digital banking platform, a cashback rewards program for everyday spending, and exclusive discounts and offers.

How does the Lyft Direct program, powered by Payfare (PYFRF), help Lyft drivers manage their finances?

Lyft Direct, powered by Payfare (PYFRF), helps Lyft drivers manage their finances by providing free instant access to earnings, allowing better cash flow management, and offering a mobile banking solution with features to track spending and access exclusive discounts.

What is the significance of the long-term extension of the Lyft and Payfare (PYFRF) partnership announced in July 2024?

The long-term extension of the Lyft and Payfare (PYFRF) partnership announced in July 2024 signifies the success of the Lyft Direct program and demonstrates both companies' ongoing commitment to supporting the financial well-being of gig economy workers, particularly Lyft drivers.

How does the cashback rewards system work in the Lyft Direct program?

The Lyft Direct program's cashback rewards system allows drivers to save on everyday spending on essential items, particularly fuel. Specific details of the rewards structure were not provided in the announcement.