Lyft and Payfare Announce New Cash Back Rewards on Fuel Purchases for Drivers to Combat Rising Gas Prices

Rhea-AI Summary

Lyft (NASDAQ: LYFT) has partnered with Payfare (TSX: PAY) to launch a cash back rewards program for U.S. drivers using the Lyft Direct debit card. The program offers 4-5% cash back on fuel purchases until June 30, 2022, addressing rising fuel prices. Currently, the national average price of regular fuel stands at $4.274 per gallon, up over 21% month-over-month. With this new program, Lyft drivers can save up to $0.21 per gallon based on current prices. Lyft Direct already provides free instant earnings deposits and additional rewards on gas purchases.

Positive

• Launch of cash back rewards program for fuel purchases, enhancing driver benefits.
• Increased cash back rewards of 4-5% until June 30, 2022, providing significant savings for drivers.

Negative

• None.

SAN FRANCISCO & TORONTO--(BUSINESS WIRE)-- 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. For additional details, visit www.lyft.com/driver/direct-debit-card.

¹https://gasprices.aaa.com/ accessed on March 18, 2022.

About Lyft (NASDAQ: LYFT)

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 is at the forefront of this massive societal change. Our transportation network brings together rideshare, bikes, scooters, car rentals, transit and vehicle services all in one app. We are singularly driven by our mission: to improve people’s lives with the world’s best transportation.

About Payfare (TSX: PAY)

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220321005320/en/

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

Cihan Tuncay

Head of Investor Relations and Corporate Development

1 (888) 850-2713

investor@payfare.com

For media inquiries:

Lindsey Abshire

(647) 417-4788

media@payfare.com

Source: Payfare

FAQ

What is the cashback percentage for Lyft drivers using Lyft Direct for fuel purchases?

Lyft drivers using Lyft Direct will receive 4-5% cash back on fuel purchases until June 30, 2022.

How much can Lyft drivers save per gallon with the new cash back rewards program?

Lyft drivers can save up to $0.21 per gallon based on current fuel prices.

What is the current national average price of fuel mentioned in the Lyft press release?

The current national average price of regular fuel is $4.274 per gallon.

When does the cash back rewards program for Lyft drivers end?

The cash back rewards program for Lyft drivers ends on June 30, 2022.

Who partners with Lyft for the cash back rewards program?

Payfare (TSX: PAY) partners with Lyft for the cash back rewards program.