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Mastercard, Lyft launch co-branded banking, debit card with immediate driver pay

Mastercard has announced a co-branded card with ride-sharing firm Lyft that will give drivers immediate access to pay and provide additional benefits aimed at helping workers in the gig economy.

Lyft Direct Mastercard Debit will include a bank account with a debit card issued by Stride Bank, as well as customer service from Payfare, a provider of mobile banking and microlending solutions for rideshare drivers. The accounts will launch in several Lyft cities, including Atlanta, Denver, Houston, Las Vegas, Los Angeles, San Diego, Tampa and Washington, D.C., before expanding to additional markets.

"The growing gig economy creates a particularly challenging yet exciting opportunity for us to leverage our tech infrastructure, digital payments expertise and data-backed insights to level the playing field for gig workers," Sherri Hammond, executive vice president, digital partnerships at Mastercard, said in a company release.

The card will offer a series of perks, including up to 4% cash back on dining purchases, access to 20,000 ATMs, identity theft protection, immediate access to earnings and no account fees. Drivers will also receive payment in their account immediately after each ride.