Lyft and Payfare announce cash back rewards on fuel to combat rising gas prices

Lyft and Payfare announce cash back rewards on fuel to combat rising gas prices
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SAN FRANCISCO & TORONTO – Lyft (NASDAQ: LYFT) and Payfare (TSX: PAY) launched a cash back rewards program on all fuel purchases for U.S. Lyft drivers using a Lyft Direct debit card, powered by Payfare. In immediate response to rising fuel prices, Lyft Direct cardholders will now receive an increase in cash back rewards of 4-5% on every gas purchase until June 30, 2022.

With a Lyft Direct account, Lyft drivers already access free, instant earnings deposits after every ride and rewards on everyday purchases, including 1-2% on all gas purchases. Until the end of June, Lyft Direct cardholders will automatically earn 4% on all gas purchases and an additional 1% at over 19,000 participating gas stations, to help alleviate the recent surge in gas prices.

According to AAA, the current national average price of regular fuel is $4.274 per gallon, up more than 21% month over month1. Lyft Direct cardholders can save up to $0.21 per gallon on average with the enhanced cash back rewards based on current regular fuel prices.

”We responded immediately to the needs of our clients and cardholders. We’re proud to partner with Lyft in supporting drivers,” said Marco Margiotta, CEO and Founding Partner of Payfare. “Providing higher cash back rewards on fuel purchases, in addition to free instant earnings deposits after every ride, will help keep Lyft drivers on the road and ease the pain of rising gas prices.”

The Lyft Direct app is available for iOS and Android mobile users on the Apple App Store and Google Play Store. The Lyft Direct Business Mastercard Debit Card is issued by Stride Bank, N.A. Member FDIC, pursuant to a license from Mastercard International and is subject to eligibility.

Lyft was founded in 2012 and is one of the largest transportation networks in the United States and Canada. As the world shifts away from car ownership to transportation-as-a-service, Lyft says it is at the forefront of this massive societal change.

Payfare is a global financial technology company powering digital banking and instant payout solutions for today’s gig economy. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial security and inclusion for their workforce.

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