Mastercard and Stride Team Up to Bring Portable Benefits to Gig and Independent Workers
Mastercard has announced a strategic partnership with Stride, a portable benefits platform for independent workers, to offer affordable health, dental, and vision benefits via its payment network. This marks a significant step in enhancing benefits accessibility for gig workers, with options tailored for specific users. Among the initial users are Mobility Capital Finance and Jobble. The initiative supports the upcoming Open Enrollment Period, offering health insurance plans that can cost under $75 per month. The partnership reflects Mastercard’s commitment to financial inclusion for the gig economy.
- Launch of a partnership with Stride to offer affordable benefits to gig economy workers.
- Access to a fully stocked benefits marketplace including health, dental, and vision insurance.
- Tailored benefits programs for users based on various engagement criteria.
- Concierge access for benefit selection and inquiries to enhance user experience.
- Support for the upcoming Open Enrollment Period with affordable health insurance options.
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PURCHASE, N.Y.--(BUSINESS WIRE)--The rise of the gig and independent economy has led to a need for accessible benefits options, as well as the flexibility to move benefits across jobs. Addressing this demand, Mastercard today announced a new strategic partnership with Stride, the leading portable benefits platform for independent workers, to provide customers with the ability to offer cardholders in the United States access to simple, affordable coverage plans. This marks the first time that differentiated health, dental, and vision benefits will be made available via a payments network.
Among the first of Mastercard’s customers to use Stride’s Portable Benefits Platform are African American-owned fintech Mobility Capital Finance (MoCaFi) and Jobble, a community of over 2 million on-demand workers spanning the delivery, warehouse, grocery and restaurant fields, among others. MoCaFi and Jobble cardholders, as well as other Mastercard participating partners, will have access to Stride’s Portable Benefits Platform, which provides:
- A fully stocked benefits marketplace: Access to affordable, quality health insurance, low-cost dental and vision insurance, discounted telemedicine and prescriptions, income and expense management tools, and tax withholding estimation and guidance, in addition to local deals and discounts.
- A customizable, configurable platform: The ability to tailor benefits programs for specific users by adding their own unique perks and benefits, presenting their own tools and services, and offering different benefits packages based on loyalty, engagement, productivity, and other criteria.
- Year-round concierge access: Continuous access to Stride’s award-winning member experience team, who can help with everything from benefit selection and enrollment to questions about invoices and payments.
Additionally, beginning in 2021, enabled Mastercard cardholders will be able to use their cards on Stride’s Portable Benefits Platform, making it easier and more rewarding for their users to pay for their benefits.
This partnership is an extension of Mastercard’s commitment to financial inclusion, and the first step in the company’s broader strategy to provide gig and independent workers with a wide range of benefits choices – from insurance, to financial management, education and offers. The portable benefits initiative aims to enable Mastercard partners to deliver relevant benefits to members of the gig and independent economy, ensuring that both have a safety net to prepare them for the future, wherever it is that they may choose to work.
“The role of the gig and independent worker is increasingly relevant to our economy, as more and more people rely on digital tools and platforms to fulfill requests and facilitate tasks,” said Jess Turner, executive vice president of Products and Innovation, North America at Mastercard. “Understanding evolving preferences from this segment for access to cost-effective coverage, and an overarching desire for a comprehensive set of personalized financial products and solutions, we’re excited to make Stride’s Portable Benefits Platform available to our partners via their cardholder offerings.”
“Independent workers deserve the same access to affordable, comprehensive benefits as full-time workers,” said Noah Lang, co-founder and CEO of Stride. “For the past several years we’ve been building the world’s first ‘Portable Benefits Platform’ designed to help all independent workers secure, manage and use the benefits they and their families need to thrive. Through this partnership, we’re putting that powerful platform in the hands of Mastercard’s partners so they can provide their users with access to those benefits.”
Supporting the Upcoming Open Enrollment Period
The annual Open Enrollment Period in the United States, which begins November 1, 2020 and ends December 15, 2020, is the yearly period during which individuals can enroll in a health insurance plan for the following year. Both MoCaFi and Jobble will be using the Stride Benefits Platform to help their customer bases find affordable, quality health insurance. Most individuals using Stride to find health insurance can enroll in plans costing less than
For more on Stride’s Portable Benefits offering, visit: https://www.stridebenefits.com/.
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“Black Americans represent
“We want to help gig workers end-to-end: from finding the perfect gigs to getting the perfect set of benefits. Partnering with Mastercard and Stride helps us deliver a complete package to our Jobblers,” said Zack Smith, CEO and Founder of Jobble.
About Stride
Stride provides the first portable benefits platform designed specifically for independent workers, helping them save time and money on insurance, taxes and hundreds of thousands of products and services. Since launching in 2014, Stride has helped over 1.5 million workers save over
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
