Mastercard inks deal with Lyft giving workers immediate access to funds
Lyft is a major player in the ride-hailing space, and as such, a big part of the “gig economy”. The gig economy describes what is essentially widespread freelance work. You work for companies on a “per job” basis, gaining none of the benefits that come from established positions (pensions, healthcare) but with the added benefits of freedom to do as many (or as few) hours as you like, and the option to work for other people in other industries too.
It’s a common trade off in today’s world, with a third of the US workforce earnings at least some of their income through it. Now, Mastercard wants to make it easier than ever for these workers to access their funds… and Lyft is one of the first big names to ink a deal on behalf of its employees facilitating that service.
Mastercard’s share price had risen by 35% this year at time of writing
Source: Yahoo Finance
The premise is simple: Mastercard and Lyft have collaborated to create a new, double-branded debit card, that gives Lyft workers a range of benefits, from instant access to their cash to no-fee bank accounts and cash-back on every purchase.
Describing the deal, Mastercard’s 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.”
Ashwin Raj, Lyft’s vice president of payments, added: “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.”
Dominion holds Mastercard in its Global Trends Ecommerce Fund. Share price as at 23 May 2019.
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