Lyft expanded its offerings with earned wage access for drivers and a new service for pet owners.
The earned wage access offering is one of several new features for the Lyft Direct debit card and banking app designed for drivers and powered by Payfare, the two companies said in a Tuesday (Aug. 27) press release.
Other new features added to the platform include the ability for drivers to automatically add a portion of their earnings to their savings account, balance protection that allows drivers to access up to $200 when needed for unexpected expenses, higher cash back rewards, and the ability to deposit cash to their Lyft Direct account at participating ATMs, according to the release.
The platform also now includes a tool called Spend Insights that offers drivers a detailed analysis of their spending habits, and a suite of health and financial wellness tools in partnership with Avibra, per the release.
“These new additions to Lyft Direct will help further empower drivers with banking products, financial tools and cash back 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,” Jeremy Bird, executive vice president of driver experience at Lyft, said in the release.
Lyft also said Tuesday that it introduced a new feature that allows riders to match with drivers who are comfortable having pets in their car.
When using this feature, which is called Pet rides, riders will pay a $4 fee plus tax, and drivers will receive the full fee, Lyft said in a Monday (Aug. 26) press release. Pet rides is now available nationwide.
“At Lyft, we believe that everyone belongs, and that includes our four-legged family members,” Audrey Liu, executive vice president of rider experience at Lyft, said in the release. “With Pet rides, we’re making it easier than ever for pet owners to get where they need to go with their pets, while also encouraging responsible pet ownership and adoption.”
Lyft has 1 million active drivers in place, Lyft CEO David Risher said during the ride-hailing platform’s latest earnings call. The greatest number of new drivers since 2019 signed on in the most recent quarter.
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