DoorDash (NYSE: DASH) and Payfare (TSX: PAY) have announced instant access to earnings for DoorDash delivery drivers across the US through DasherDirect.
As mentioned in the announcement, DasherDirect is a financial platform and virtual banking solution for Dashers that is being powered by Payfare. Via DasherDirect, Dashers gain access to automatic, no-fee payouts “after every dash, in direct response to Dasher feedback requesting faster access to their earnings.”
As noted in a release, DasherDirect provides 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 update also pointed out that DasherDirect card “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, the update added.
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.” The announcement further noted that DasherDirect provides 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.”
Tony Xu, DoorDash CEO and Cofounder, stated:
“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. 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.”
Marco Margiotta, Payfare CEO and Founding Partner, remarked:
“We are extremely pleased with the early success and adoption of DasherDirect and our powerful partnership with DoorDash. We look forward to delivering ongoing innovation and value to improve the daily lives of Dashers globally.”
The DasherDirect app is currently 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,” the announcement noted.