Lyft ties up with Payfare to hike fuel cashback in bid to retain drivers

Payfare

21/03/2022 11:52

March 21 (Reuters) - Lyft Inc's  LYFT.O  Lyft Direct cardholders will
receive an increase in cashback rewards of 4% to 5% on purchase of gasoline
until June 30, the ride-hailing firm said on Monday, its latest move to retain
drivers amid a rise in fuel prices.
    Chief Executive Officer Marco Margiotta said the higher cashback in
partnership with fintech company Payfare  PAY.TO  will help drivers stay on the
road and "ease the pain of rising gas prices."
    Prices for gasoline have soared more than 20% from last month, according to
the American Automobile Association, driven by higher crude oil rates due to the
Russian invasion of Ukraine.
    The company said Lyft Direct cardholders can save up to 21 cents per gallon
on average with the increased cashback.
    Uber  UBER.N  and Lyft drivers have considered quitting the app-based
ride-hailing platforms as fueling up becomes costlier.
    Both the platforms over the past few months have been investing in keeping
drivers and bringing in more to meet rising demand as COVID-19 cases ease and
consumers venture out.
    In response to record gas prices, the companies earlier this month announced
a 55-cent per-ride surcharge that would be paid directly to drivers.
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 (Reporting by Akash Sriram in Bengaluru; Editing by Maju Samuel)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))