Cash App and Lyft are partnering to give digital-first consumers more flexibility when taking a ride.
This collaboration puts the accessibility of paying with Cash App Pay front and center, focusing on the preferences of the tech-savvy customers.
With an integrated Cash App Pay partnership, Lyft explained that is adding an easy and customer-friendly new payment method.
As stated in the update, it means that riders don’t have to pull out a card and enter their information, instead seamlessly linking Cash App to the Lyft app.
For digital-first consumers who are looking for an option outside of traditional credit cards, they can choose to use Cash App Pay as a payment method and “pay with their Cash App balance or linked debit card.”
According to a research study focused on customer satisfaction when it comes to banks and financial technologies, Cash App was ranked as a major financial technology platform preferred by Gen Z and Millennials.
With this partnership, Lyft will reportedly be able to engage with Cash App’s 57 million monthly transacting actives as of the second quarter of 2024.
Within the same time period, Lyft has notably reported “over 23.7 million active riders.”
As mentioned in the announcement, Lyft is one the transportation networks in North America, bringing together rideshare, bikes, and scooters all in one app.
They are said to be driven by their purpose: getting riders out into the world so they can live their lives together, and “providing drivers a way to work that gives them control over their time and money.”
As covered, Cash App aims to serve as the money app.
It’s said to be the easy and intuitive way to “spend, send, and store” money.
Sending and receiving money is fast, and most payments can be “deposited directly to an external bank account in just a few seconds.”
With Cash App, customers can also buy and sell Bitcoin instantly, get a paycheck deposited right to the app, create “a unique $cashtag to share with anyone to get paid fast, and use the Cash App Card to spend the money everywhere Visa Debit is accepted.”
As clarified in the update, Cash App is a financial platform, not a bank. And banking services provided by Cash App’s external bank partner(s).