DoorDash and Payfare Launch Instant Pay Nationwide

Rhea-AI Summary

DoorDash (NYSE: DASH) and Payfare (TSX: PAY) have launched DasherDirect, enabling delivery drivers in the U.S. to access earnings instantly after each dash. This financial solution includes a prepaid Visa card and a mobile banking app, offering no-fee payouts, cash back on gas, and no minimum balance requirements. The initiative, responding to driver feedback for quicker payments, aims to enhance economic security for Dashers. CEO Tony Xu emphasized the significance of this program for financial empowerment, while Payfare's CEO noted the initiative's early success and potential for global expansion.

Positive

• DasherDirect provides instant access to earnings after each delivery.
• No-fee payouts and cash back rewards enhance user experience.
• Early adopter feedback indicates strong demand and satisfaction.
• The program aims to improve financial empowerment for Dashers.

Negative

• None.

SAN FRANCISCO & TORONTO--(BUSINESS WIRE)-- Today, DoorDash (NYSE: DASH) and Payfare (TSX: PAY) announced instant access to earnings for DoorDash delivery drivers across the United States via DasherDirect. DasherDirect is a financial platform and digital banking solution for Dashers, powered by Payfare. Through DasherDirect, Dashers gain access to automatic, no-fee payouts after every dash, in direct response to Dasher feedback requesting faster access to their earnings.

DasherDirect offers Dashers a Business Prepaid Visa Card and mobile banking app along with convenient, free digital banking and exclusive rewards, including 2% cash back on every gas purchase. The DasherDirect card also gives Dashers increased flexibility and control over their earnings, all with no minimum account balance requirements or monthly fees and can be used anywhere Visa is accepted.

Following an initial pilot in select markets for DasherDirect cardholders, early adopters shared that “cash after every dash” is a resounding success.

“I dash full-time and I do use the money right away,” said Carmelita P., a Dasher. “Instant pay makes me want to earn more. Before it was a few hours here and there. Now I think, ‘I’ve got to get to work!’ I love dashing now.”

With no credit check or prior bank account required to sign up, DasherDirect offers Dashers access to quality, secure digital banking on the go, including free withdrawals at more than 20,000 ATMs nationwide. DasherDirect also offers free fund transfers with no minimums, the ability to set savings goals and now earnings available in their DasherDirect account within minutes after every dash.

“With the nationwide rollout of DasherDirect, we are providing Dashers with greater economic security and financial empowerment by putting earned wages into their hands instantly after every dash,” said Tony Xu, DoorDash CEO and Cofounder. “We are listening to Dashers, who want faster and more flexible access to their earnings and are excited to have made this meaningful program available to all Dashers in the U.S.”

“We are extremely pleased with the early success and adoption of DasherDirect and our powerful partnership with DoorDash,” commented Marco Margiotta, Payfare CEO and Founding Partner. “We look forward to delivering ongoing innovation and value to improve the daily lives of Dashers globally.”

The DasherDirect app is available for iOS and Android mobile users on the Apple App Store and Google Play Store. The DasherDirect Business Prepaid Visa Card is issued by Stride Bank, N.A., member FDIC, pursuant to a license from Visa U.S.A. Inc, and is subject to eligibility.

For more information, please visit https://get.doordash.com/dasherdirect.

About DoorDash

DoorDash is a technology company that connects consumers with their favorite local and national businesses in more than 4,000 cities and all 50 states across the United States, Canada, and Australia. Founded in 2013, DoorDash enables local businesses to address consumers' expectations of ease and immediacy and thrive in today's convenience economy. By building the last-mile logistics infrastructure for local commerce, DoorDash is bringing communities closer, one doorstep at a time.

About Payfare

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 health for their workforce.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211110006387/en/

For further information please visit www.payfare.com or contact:

Lindsey Abshire

(647) 417-4788

media@payfare.com

or

Cihan Tuncay

Head of Investor Relations and Corporate Development

1 (888) 850-2713

investor@payfare.com

Source: Payfare

FAQ

What is DasherDirect by DoorDash (DASH)?

DasherDirect is a financial platform that allows DoorDash delivery drivers to access their earnings instantly after each dash.

How does DasherDirect benefit DoorDash drivers?

DasherDirect provides automatic, no-fee payouts, enhanced flexibility, and cash back rewards on gas purchases.

When was DasherDirect launched for DoorDash drivers?

DasherDirect was launched today, expanding access to earnings for drivers across the United States.

Who partnered with DoorDash to create DasherDirect?

Payfare partnered with DoorDash to provide the financial technology behind the DasherDirect platform.

What features does the DasherDirect app offer?

The DasherDirect app offers features like a prepaid Visa card, free digital banking, savings goal setting, and access to over 20,000 ATMs.