Payfare lyft direct

Author: s | 2025-04-23

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Lyft Direct Powered By Payfare - AppAdvice

With free instant pay, cashback rewards, and other meaningful benefits. Since inception, the program has successfully serviced millions of cardholders and processed billions of dollars of transactions. The level of adoption, user reviews, and app store ratings, including its consistent position as the top finance app as ranked by unitQ, demonstrates both the value proposition to cardholders and Payfare's ability to deliver a best-in-class user experience. Payfare will continue its role as a good partner supporting the DasherDirect program and cardholders through early 2025.Long-Term Client Renewals with Uber and Lyft Executed in 2024On July 25, 2024, the Company announced the long-term renewal of its agreement with Lyft Inc. to power the Lyft Direct program. The renewal allows drivers on the Lyft platform to continue benefiting from free instant pay, a feature-rich digital banking product and cashback rewards for years to come. Subsequent to the extension, Payfare also announced new value-added product enhancements to Lyft Direct including Balance Protection, Lyft Direct Savings, and more. Active Lyft Direct users have increased by more than fifty percent year to date, demonstrating the ongoing success of the program.On March 5, 2024, the Company announced the launch of the Uber Pro Card, a new program with Uber providing free instant payouts after every trip or delivery, enhanced loyalty features for drivers and delivery people, and backup balance for qualifying users on the Uber platform in Canada, powered by Payfare's leading digital banking app. Active users of the Uber Pro Card have increased by more than five times compared to the legacy program.Well-Funded to Support Future Growth Payfare has over $100 million in cash, cash equivalents, and guaranteed investment certificates and is well capitalized to fund ongoing operations and new strategic initiatives. Although the loss of the DasherDirect program will have a substantial impact on the

Lyft Direct powered by Payfare - YouTube

Lyft Direct is a debit card and bank account designed for Lyft drivers, and gives you access to:Instant payouts: Get paid instantly after every ride with no transfer fee.Mobile banking: Make deposits, pay bills, transfer funds, and more.Cashback rewards: Earn cashback rewards on gas, public EV charging, select restaurants, and grocery stores.Savings and budgeting: Automatically deposit earnings into a high-interest savings account and create a budget in the app with spend insights. Also, eligible drivers can access $50 to $200 in Balance Protection to cover unexpected purchases.Lyft Direct transfers your earnings at no extra cost. Express Drive renters will receive instant payouts once their weekly rental fees are covered.We work with a company called Payfare to provide Lyft Direct. You’ll need to complete an application to get a Lyft Direct debit card and bank account.To apply for a Lyft Direct account:Open the Lyft Driver app main menu, then tap ‘Account’.Tap ‘Pay and tax info.’Tap ‘Set up Lyft Direct.’After you confirm your personal info, Payfare will run an identity verification check. If Payfare can't confirm your info, they'll contact you for extra documents to finish your application.Note: This isn’t a background or credit check, and it won't impact your credit.You’ll gain access to a virtual card as soon as you’re approved, and you’ll receive a physical card in the mail as well. You should receive your physical card within 5-10 business days after your approval.Even if you haven’t received your physical card yet, you can add the virtual card to Apple Pay or Google Pay for immediate use.Activating your Lyft Direct accountOnce approved, you can link your Lyft driver account to your Lyft Direct account by downloading the Lyft Direct app.You’ll be asked to enter the same email and mobile number that’s on your Lyft account.Payfare will text you a verification code so you can link your Lyft account. You can change your phone number later after you’ve set up your Lyft Direct account.Setting up Lyft Direct payoutsLyft Direct payouts will turn on automatically once you’re approved and your account is activated.Download the Lyft Direct app to get immediate access to your virtual card and start receiving your earnings instantly after every ride.To turn instant payouts on or off:Open the Lyft Driver app main menu, then tap ‘Account.’Tap ‘Pay and Tax Info.’Tap ‘Lyft Direct.’Turn on or off.Using your Lyft Direct cardYou’ll gain access to a virtual card as soon as you’re approved, and you’ll receive a physical card in the mail as well. You should receive your physical card within 5-10 business days after your approval.Even if you haven’t received your physical card yet, you can add the virtual card to Apple Pay or Google Pay for immediate use.To view the virtual card in your Lyft Direct app:Open the Lyft Direct app, then tap 'More.'Tap ‘Manage card’ from the menu.Tap ‘View virtual card.’Once you receive your physical card in the mail, you’ll have to activate it before you can use it.To activate your physical Lyft Direct debit card:Open the Lyft Direct

Lyft Direct powered by Payfare - Apps on

App.Tap ‘Manage card’ from the menu.Tap ‘Activate your physical card,' then either scan the QR code on the card carrier or manually enter the card details.Create your PIN.You can also select ‘Report a lost or stolen card’ if your debit card cannot be recovered or was never delivered. If reported lost or stolen, you can expect a new card within 5-10 business days.Cashback rewards and discountsWith your Lyft Direct card, you can earn cashback on qualifying purchases at select locations:Up to 10% on gas when you pay at the pump and up to 12% on public EV charging for top drivers.*5% on dining at select restaurants.1% on groceries.*The cashback amount for gas and public EV charging is determined by your Lyft Rewards tier:10% on gas when you pay at the pump and 12% on public EV charging cashback for Elite drivers7% for Platinum drivers3% for Gold drivers2% for Silver drivers1% for all other cardholdersYou can also search for eligible places, track your reward history, and redeem rewards.Discounts on auto maintenanceDrivers who use Lyft Direct can get exclusive discounts with our auto service partners.Show your Lyft Direct card to get $15 off the purchase of a Signature Service® Oil Change and tire rotation.National Tire and Battery and Tire KingdomShow your Lyft Direct card to get one of the following discounts:5% off tires10% off services$16 off a conventional oil change$15 off a full synthetic oil changeShow your Lyft Direct card to get 20% off retail purchases and services at Pep Boys locations.Wellness Perks by Avibra offers health and financial resources to active Lyft Direct users. To be considered active, you must have received a payout to your Lyft Direct card within the last 60 days.Active Lyft Direct users can enroll in one of the following Avibra Wellness Perk packages:Wellness Perks Core (FREE)Available at no-cost to active drivers using Lyft DirectAccess to well-being advisors$10,000 accidental death insurance coverage for major accidentsUp to $5,000 life insurance coverageChild Care Discounts to help you save on child care in your area and moreWellness Perks Essentials ($1/week)Upgrade and customize your protection for as little as $1/benefit each weekRoadside assistanceIdentity theft monitoringFamily telemedicineCell phone protectionFamily vision savings passFamily dental plans and moreSavings and budgeting perksYou now get additional savings and budgeting perks with Lyft Direct such as:Eligible drivers can use Balance Protection to cover transactions that exceed their account balance. Your Balance Protection will be repaid by ride earnings and any other deposit to your Lyft Direct account.Note: You’ll only be able to use Lyft Direct as your payout method while Balance Protection is enabled. Balances must be repaid within 90 days.To be eligible for balance protection, you must have:Silver tier or higher.At least $700 in Lyft Direct payouts within the last calendar month.Not defaulted in the Balance Protection repayment.Received a Lyft Direct payout in each of the last 3 calendar months.No Lyft debt (ex. any unpaid Express Drive costs).You can automatically add a portion of your earnings to a high-interest savings account.You can set budgets by category. Relaunch Lyft Direct Powered By Payfare. Fix Lyft Direct Powered By Payfare unable to contact server/ Lyft Direct Powered By Payfare internet connection errors on Lyft and Payfare Extend Lyft Direct Program Partnership . Aug Lyft, Payfare

Lyft Direct, powered by Payfare - AppGrooves

VoPay, Flinks, and Payfare have been tapped to power offerings for tech giants, credit union. Three Canadian FinTech firms have struck partnerships that will power financial services for Lyft, Sage, and Columbia Valley Credit Union (CVCU). Toronto’s Payfare is extending its agreement to provide earned-wage access (EWA) to Lyft’s network of drivers, while Montréal-based Flinks is powering private open banking services from British Columbia’s CVCU. Meanwhile, Vancouver-based VoPay will be providing its tech to software giant Sage.Payfare’s EWA offering allows workers, particularly gig workers, to access their earnings more quickly, rather than wait for a payday through the Lyft Direct app. Payfare, which also provides a cashback rewards program, is calling the agreement a “long-term extension” of its partnership with Lyft. Payfare says its other clients include Doordash, Uber, and Uber Eats. Flinks launched a private open banking offering in 2021, in response to the lengthy delays to the federal government’s adoption of its open-banking framework, a process that continues to this day. Flinks says its offering allows FinTech startups to securely access consumer data from financial institutions. RELATED: Airwallex continues Canadian expansion with Float partnershipWith its latest partnership, CVCU will allow its members to access a network of FinTech platforms and applications that will allow its members to connect financial tools and services. Flinks struck a similar partnership with New Zealand accounting software company Xero in December. Finally, VoPay’s partnership will see it power Sage’s Business Cloud Payroll offering. Geared towards small-and-medium-sized businesses, the offering provides direct deposit payments and self-serve portals, as well as reporting and reconciliation data. In March, VoPay established a partnership with New Jersey’s Cross River Bank as it looked to expand in the United States. VoPay was also accepted into the United Kingdom FinTech branch of the Canadian Technology Accelerators (CTA) program, which gave VoPay and six other participants briefings on entering the UK market, access to potential investment, and tailored mentoring from local industry experts. Last week, BetaKit also covered Australian-founded, Singapore-headquartered FinTech firm Airwallex partnering with Toronto-based corporate card and expense management technology startup Float. As part of the partnership, Airwallex is powering Float’s bill pay product, as Airwallex looks to grow its presence in Canada.Feature image by Mohamed Hassan via Pixabay

Lyft and Payfare launch new features for the Lyft Direct

Lyft, Inc. LYFT shares are trading lower on Tuesday. The company inked a pact with Payfare, Inc. PYFRF to introduce new Lyft Direct debit card and banking app features.Lyft Direct is a mobile banking solution developed specifically for drivers on the Lyft platform. The development allows drivers to manage their finances and cash flow better.The program also features a cashback rewards system, where drivers can save on everyday spending on essential items like fuel, Lyft said in a press release.“Drivers can earn when, where, and for however long they want driving on the Lyft platform, and we’re continuing to support them with the features they tell us they value the most,” said Jeremy Bird, EVP of Driver Experience at Lyft. Also Read: Lyft Q2 Earnings: Active Riders Increase 10%, Gross Bookings Surge 17%, Introduces Price Lock FeatureThis enhanced version of the popular financial management and wellness platform introduces a variety of new features aimed at improving the financial health and overall well-being of Lyft Direct cardholders.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.“These new additions to Lyft Direct will help further empower drivers with banking products, financial tools and cashback 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,” Bird added.Price Action: LYFT shares are trading lower by 1.23% to $11.64 at last check Tuesday.Photo via ShutterstockRead Next:Royal Society May Consider Expelling Elon Musk: Has He Gone Too Far?Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Lyft and Payfare Extend Lyft Direct Program Partnership

And track your spending.You can access over 20,000 no-fee ATMs across the country for no-fee withdrawals.Go to the Lyft Direct app to find a qualifying ATM using the ‘Free withdrawals’ filter.You can deposit cash into your Lyft Direct account at participating ATM locations for a fee of $3.95.Go to the Lyft Direct app to find a qualifying ATM using the ‘Cash deposit’ filter.There are fees for some value-added services available through Lyft Direct:$1 fee for digital personal checks, including postage$2.50 fee plus extra surcharges at select ATMs3% foreign exchange fee$5 card replacement feeThere are no monthly account or overdraft fees with your Lyft Direct account.Viewing or updating your infoYou can keep your contact info updated in the Lyft Direct app.To update your contact info in the Lyft Direct app:Open the main menu, then tap ‘More.’Tap ‘Edit’ near your profile details.Follow the prompts to change your contact info.To view your Lyft Direct account and routing number, tap ‘Main account,’ then tap ‘Account info.’ You can also tap on the gear icon to see and download your monthly account e-statements.To reset your debit card PIN, tap ‘Manage Cards’ then ‘Change your PIN’.Lyft Direct is a secure bank account and is separate from your Lyft account.Go to the Help articles in the Lyft Direct app for questions about your Lyft Direct banking account, card or app. This includes questions about how to order a new card, or questions about unauthorized transactions on your Lyft Direct card.Contact Lyft Driver support if you need help with your earnings on Lyft, your driver account, or the Lyft driver app (such as missing Lyft earnings or a wrong payout amount).Transaction disputes and refundsGo to the Help section in the Lyft Direct app to call Lyft Direct Support for questions about unauthorized transactions on your Lyft Direct card.Problems with instant payoutsYour payouts will automatically deposit to your Lyft Direct account after each ride is completed if your payout method is set to Lyft Direct.Go to the Help section of your Lyft Direct app to call Lyft Direct support if you don’t see payouts in your Lyft Direct account.

Lyft and Payfare Announce Long Term Extension of Lyft Direct

Economy: it allows workers to access their wagers immediately. These workers are often living hand-to-mouth and it minimises the risk of high interest pay-day loans and a spiral into debt. Crucially Payfare does not take a cut out of employee wages. The revenue is derived from network interchange fees and upselling banking services (see below). Payfare has multiyear (likely ~3 year) contracts with the largest gig economy platforms Uber, DoorDash and Lyft in its major markets: the US, Canada and Mexico. Payfare is now an option in the onboarding process for new drivers, drastically lowering customer acquisition cost. As outlined below, penetration rates remain low in its existing business vertical and offers significant growth runway. Furthermore the company plans to launch in adjacent verticals such as more traditional hourly waged employees in 2024. Network interchange fees (70-80% of revenues): Merchants pay card networks small fees (1-3%) per transaction for electronic payments. These fees are split between various parties including the card networks (think Visa and MasterCard) and the banks. PAY users are issued with a card and digital payment wallet. When PAY users earn money the wages are transferred to their PAY wallet. PAY then earns revenue as money is spent by the users. The real symbiosis with the platform companies comes from the fee structure: PAY shares its network fees with Uber/Lyft/DoorDash. So not only are Uber benefitting from a an attractive recruitment feature (EWA), it also generates an additional revenue stream. Payfare’s “take rate” revenue/gross dollar volume (i.e. the average fee it is collecting on transactions) ~ 1.3%. Banking services (20-30%): this is more traditional banking services such asATM withdrawal fees, FX transfers and money transfers (international and domestic). The latter services are more common among their user base than average.Scalable model with a long runway for growth: PAY ended 2023 with 1.4mn active users, +33% growth y/y. The IRS estimates there are ~5mn gig economy workers in the US alone (PAY is currently in Canada, the US and Mexico). Furthermore this number has more than tripled from 2017 to 2021. As such there is still material runway. Relaunch Lyft Direct Powered By Payfare. Fix Lyft Direct Powered By Payfare unable to contact server/ Lyft Direct Powered By Payfare internet connection errors on Lyft and Payfare Extend Lyft Direct Program Partnership . Aug Lyft, Payfare

Lyft and Payfare announce long-term extension of Lyft direct

Payfare is expected to grow revenue and EBITDA 30% and 50% respectively in 2024. It is an entrenched part of the employee benefits offered at Uber, Doordash and Lyft. Payfare offers instant payment for gig economy workers and is expected to launch new business verticals including hourly waged employees in 2024. Crucially Payfare derives its revenue from network interchange fees (70%-80%) and upselling banking services (20-30%), it does not take a cut out of employee wages.The Payfare story is perhaps somewhat a victim of the wild stock price fluctuations since its IPO in Mar-21. The stock quickly doubled to >C$12 in early ‘21 before suffering the same fate as other (at the time) unprofitable tech as rates rose. Payfare is trading roughly at its IPO price but now with a proven business model, entrenched offerings at the the largest gig economy providers, double-digit growth in revenue and EBITDA and can be funded from internally generated cash flow. Basically the price has gone nowhere in 3 years, while the business has transformed. Ok so maybe the IPO was mis-priced (certainly wouldn’t be the only one of that vintage!), but on a stand-alone basis it looks cheap. Taking the FY24 mid-point guide Payfare enterprise value is: 1.1x revenue, 8x EBITDA, 12x P/E and 11X FCF. Based on conservative growth projections in 2025 (15% top-line), re-rating to a more reasonable multiple (comps 12-14x EBITDA) I think this could easily 2-3x in the next 12-18 months. As a reminder this is primarily an investment journal, this is not financial advice or a recommendation. All of the ideas are plundered from other (cited) sources. I simply own the stock at the time of writing. Please refer to the disclaimer at the bottom or my introductory post for further details. Ticker: PAY CN Market cap/TEV: C$311mn/C$260mnAverage entry price: ~C$6.24Current price: C$6.51 (Mon-6-May-24)Upside scenario: ~C$12-18 (+2-3x, 12-18 month horizon)Position size: ~$20kPayfare investor presentationPayfare (PAY) was founded in 2015 and listed in Canada in 2021. PAY primarily offers a service called “earned wage access” or EWA to gig economy workers. This solves a huge problem for the gig

Lyft and Payfare Announce Launch of New Features for the Lyft Direct

, /PRNewswire/ - Payfare Inc. ("Payfare" or the "Company") (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access ("EWA") company powering instant access to earnings and digital banking solutions for workforces, today announced that its Board of Directors has initiated, with the assistance of outside legal and financial advisors, a comprehensive and thorough strategic review process to explore and evaluate a broad range of potential options for the Company to enhance value.The foundation, funding, and execution of Payfare's ongoing programs remain secure with a robust pipeline of potential new opportunities in the gig economy and EWA space. To support conversion of these new opportunities and alleviate concentration risk, the Board has decided to initiate a strategic review to accelerate these goals. During this process, Payfare remains focused on executing its current business strategy and will continue to provide industry-leading financial solutions for its clients and cardholders. This review process will assess strategic alternatives that may include, but are not limited to strategic partnerships, strategic investments, accretive acquisitions, a potential sale, merger or other business combination.In conducting the strategic review, the Company's Board and management team are committed to acting in the best interests of the Company, its shareholders and its stakeholders. There is no deadline or definitive timetable for the completion of the strategic review and Payfare does not intend to comment further unless the Board has approved a specific transaction or otherwise determined that disclosure is necessary or appropriate. There can be no assurances that the strategic review will result in any specific transaction or outcome.Advisor The Board has engaged Keefe, Bruyette & Woods Inc. (KBW) as financial advisor to assist with the strategic review process.Support for DasherDirect Program and Cardholders Through Early 2025 Payfare is proud to have built DasherDirect, an award-winning digital banking solution providing cardholders. Relaunch Lyft Direct Powered By Payfare. Fix Lyft Direct Powered By Payfare unable to contact server/ Lyft Direct Powered By Payfare internet connection errors on

Lyft Direct Powered By Payfare Status - JustUseApp

Company's revenue profile, Payfare intends to right size its operating expenses to align with the near to mid-term reduction in revenues while providing the flexibility to execute on new business and initiatives to build long-term value.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.Cautionary Statement Regarding Forward Looking Information Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Payfare's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation the strategic review process and timing and length of such process, exploring potential options including strategic partnerships, strategic investments, accretive acquisitions, a potential sale, merger or other business combination, execution of Payfare's current business strategy and continued provision of industry-leading financial solutions for its clients and cardholders, support for the DasherDirect program and cardholders through early 2025, the impact of the loss of the DasherDirect program to the Company's revenue profile, intentions to right size operating expenses and impacts to Payfare's liquidity position, and executing on new opportunities and initiatives. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing