DoorDash & Payfare Partner To Launch DasherDirect Visa Card & Mobile Banking App

Rhea-AI Summary

DoorDash (NYSE: DASH) has launched DasherDirect, a new financial platform for delivery drivers, in partnership with Payfare. This platform includes a Business Prepaid Visa Card and mobile banking app, allowing Dashers to access their earnings daily without fees. Key features include cash-back rewards, digital banking tools, and no overdraft fees. Initially available in select East Coast regions, the nationwide rollout is expected in early 2021. This initiative aims to enhance financial inclusion for gig workers and is part of DoorDash's broader commitment to empower local communities.

Positive

• Launch of DasherDirect, a banking solution enhancing financial resources for Dashers.
• No-fee daily deposits and cash-back rewards on fuel for Dashers.
• Supports financial inclusion by providing resources to the unbanked.
• Plans for a nationwide rollout, increasing accessibility for Dashers.
• Part of DoorDash's Main Street Strong Pledge, reflecting commitment to community empowerment.

Negative

• None.

SAN FRANCISCO and TORONTO, Dec. 14, 2020 /PRNewswire/ -- DoorDash (NYSE: DASH) and Payfare are pleased to announce the launch of the DasherDirect platform, a banking solution for DoorDash delivery drivers (Dashers) offering a Business Prepaid Visa Card and mobile banking app. This marks DoorDash's first-ever financial platform for Dashers, providing them with exclusive new rewards and more flexibility and control over their earnings.

DasherDirect, issued by Stride Bank and powered by Payfare, offers Dashers no-fee daily deposits of their DoorDash earnings, convenient digital banking functionality and cash-back rewards. 

DasherDirect is a card designed specifically for Dashers. With the DasherDirect Business Prepaid Visa Card, every day is payday, with earnings automatically added to the DasherDirect Visa Card daily at no cost to the Dasher. Dashers can check their balance, pay bills, transfer money, set savings goals and find no fee ATMs on the go— without worrying about overdraft fees or minimum account balance requirements. Dashers also earn 2% cash back on fuel at any station, any time.

"We are committed to providing innovative solutions for gig workers that drive financial inclusion, which is why we are thrilled to partner with DoorDash and announce this major initiative," said Marco Margiotta, CEO of Payfare. "Since the inception of Payfare, we have quickly become a name synonymous with digital banking and instant payout solutions for the on-demand gig economy."

With the launch of DasherDirect, Payfare and DoorDash are providing Dashers with greater economic freedom, security and financial opportunity by putting money directly into Dashers' hands every day, free of charge. DasherDirect is now available to Dashers in select regions across the East Coast, with a full nationwide rollout planned for early 2021.

"Over seven million households in the U.S. are without a checking or savings account*, and with the support of our partners we're proud to provide financial resources to more Americans looking for flexible earnings opportunities," said Tony Xu, CEO and Cofounder of DoorDash. "This is a major step forward in introducing new tools to empower Dashers who count on DoorDash for reliable, independent and flexible work."

This launch is part of DoorDash's Main Street Strong Pledge to empower local communities, which includes enabling Dashers to achieve greater financial empowerment and meet their professional goals. Flexible work opportunities with low barriers to entry are more crucial than ever, which is why DoorDash launched a multi-year partnership with the National Urban League to create a first-of-its-kind program designed for underserved communities to help them attain new job skills and entrepreneurial success through financial literacy training, educational funding, job programs, and more. As part of the Pledge, DoorDash also announced a $12 million Dasher rewards program that will run through May 2021, and which will highlight and recognize the commitment of many dedicated Dashers across the globe.

"This is one of the best ideas DoorDash has had," said Dasher Roland Pelletier. "The biggest thing I like is that there's no fee for daily direct deposits, and with the DasherDirect program I have total control of the app and my experience with it so I know what's in the bank. As a Dasher the gas savings are huge, and I plan to use the card for my daily expenses. At the end of the year, it's going to be a lot easier to itemize my spending as a Dasher."

"Economic empowerment requires a thorough understanding of financial transactions, credit building and savings," National Urban League President and CEO Marc Morial said. "There is a critical need within the African-American community for pre-paid debit cards like Dasher Direct Prepaid Visa that eliminates onerous access fees for users to view their balance and access convenient ATMs. It's a breath of fresh air when companies like DoorDash make a sincere effort to provide equal access to technology and financial empowerment."

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. DoorDash, together with Payfare and Visa, will continue to add exclusive rewards to the DasherDirect program over the coming months.

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

* FDIC Survey of Household Use of Banking and Financial Services, 2019

About Payfare
Payfare is a global financial technology company powering digital banking and instant payout solutions for today's workforce. Payfare partners with major platforms in the on-demand gig economy to drive financial inclusion and empowerment for next-generation workers. For further information please visit www.payfare.com or contact Payfare Media Relations at media@payfare.com.

Payfare media contact:
Lindsey Abshire
(337) 772-8357
lindsey@fletchergroupllc.com

About DoorDash

DoorDash (NYSE: DASH) is a technology company that connects customers 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 empowers merchants to grow their businesses by helping to solve mission-critical challenges, such as customer acquisition, on-demand delivery, insights and analytics, merchandising, payment processing, and customer support. By building the last-mile delivery logistics platform for local cities, DoorDash is bringing communities closer, one doorstep at a time. Read more on the DoorDash blog or at www.doordash.com.

DoorDash media contact:
press@doordash.com

 

View original content:http://www.prnewswire.com/news-releases/doordash--payfare-partner-to-launch-dasherdirect-visa-card--mobile-banking-app-301192135.html

SOURCE Payfare

FAQ

What is DasherDirect launched by DoorDash (DASH)?

DasherDirect is a new banking platform for DoorDash delivery drivers offering no-fee daily deposits and cash-back rewards.

When will DasherDirect be available nationwide?

DasherDirect is expected to have a full nationwide rollout in early 2021.

What rewards do Dashers get with DasherDirect?

Dashers earn 2% cash back on fuel purchases using the DasherDirect Business Prepaid Visa Card.

How does DasherDirect improve financial access for gig workers?

By offering daily access to earnings and digital banking services, DasherDirect aims to enhance financial inclusion for gig workers.

What is the significance of DoorDash's Main Street Strong Pledge?

The pledge reflects DoorDash's commitment to empower local communities and provide support to underserved gig workers.