“Lyft Driver Services” includes financial tools like a no-fee bank account and debit card, as well as discounts on rental cars and vehicle maintenance:
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The debit card offers rewards on everyday spending like gas, which can be attractive to drivers. Lyft's no-fee bank account was developed in partnership with Oklahoma-based Stride Bank, and the debit card offers cash back on purchases across categories, including 4% cash back on restaurants, 2% cash back on gas, and 1% cash back on groceries.
Lyft's move comes as ride-hailing companies launch similar products.Last year, Uber partnered with GoBank tothe Uber Visa Debit Card, a debit card geared toward drivers and deliverers that rewards everyday purchases for things like gas and groceries, for example. Additionally, ride-hailing services globally, like Grab and Go-Jek, have been launching their own financial services, with the two industries becoming increasingly linked.
The account could promote financial inclusion and make funds accessible immediately, which can address a pain point with gig economy jobs. Twenty-five percent of the US population is un- or underbanked, and
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