Lyft and Mastercard are launching a cobranded rewards debit card and bank account for Lyft drivers:
workers in the US are living paycheck-to-paycheck. The card allows drivers to access their funds instantly, which will likely appeal to gig economy workers who want immediate access to their wages.
Drivers will have access to a no-fee bank account and automatically set aside earnings for saving. Drivers will be able to automatically set aside earnings to help them reach their savings goals. US consumers pay an average of $163 annually in bank fees, so a no-fee account could be especially useful for this segment.
Southeast Asian ride-hailing leader Grab offers the most comprehensive set of digital payment offerings among the ride-hailing firms. As part of its push to become a"super app," engaged with every aspect of a consumer's life, Grab is spearheading the movement of ride hailing into payments. The ride-hailing giant offers a set of financial services substantial enough that it's evenspinning off its Grab Financial Group into its own business unit.
Meanwhile, Uber has been mirroring Grab's strategy in the US in a bid to retain and poach drivers from Lyft. Uber has ramped up its payment
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