DoorDash (NYSE: DASH) and Payfare are pleased to announce the launch of the DasherDirect platform, a banking solution for DoorDash delivery drivers (Dashers) offering a Business Prepaid Visa Card and mobile banking app.
This marks DoorDash's first-ever financial platform for Dashers, providing them with exclusive new rewards and more flexibility and control over their earnings.
DasherDirect, issued by Stride Bank and powered by Payfare, offers Dashers no-fee daily deposits of their DoorDash earnings, convenient digital banking functionality and cash-back rewards.
DasherDirect is a card designed specifically for Dashers. With the DasherDirect Business Prepaid Visa Card, every day is payday, with earnings automatically added to the DasherDirect Visa Card daily at no cost to the Dasher. Dashers can check their balance, pay bills, transfer money, set savings goals and find no fee ATMs on the go— without worrying about overdraft fees or minimum account balance requirements. Dashers also earn 2% cash back on fuel at any station, any time.
"We are committed to providing innovative solutions for gig workers that drive financial inclusion, which is why we are thrilled to partner with DoorDash and announce this major initiative," said Marco Margiotta, CEO of Payfare. "Since the inception of Payfare, we have quickly become a name synonymous with digital banking and instant payout solutions for the on-demand gig economy."
With the launch of DasherDirect, Payfare and DoorDash are providing Dashers with greater economic freedom, security and financial opportunity by putting money directly into Dashers' hands every day, free of charge. DasherDirect is now available to Dashers in select regions across the East Coast, with a full nationwide rollout planned for early 2021.
"Over seven million households in the U.S. are without a checking or savings account*, and with the support of our partners we're proud to provide financial resources to more Americans looking for flexible earnings opportunities," said Tony Xu, CEO and Cofounder of DoorDash. "This is a major step forward in introducing new tools to empower Dashers who count on DoorDash for reliable, independent and flexible work."
This launch is part of DoorDash's Main Street Strong Pledge to empower local communities, which includes enabling Dashers to achieve greater financial empowerment and meet their professional goals. Flexible work opportunities with low barriers to entry are more crucial than ever, which is why DoorDash launched a multi-year partnership with the National Urban League to create a first-of-its-kind program designed for underserved communities to help them attain new job skills and entrepreneurial success through financial literacy training, educational funding, job programs, and more. As part of the Pledge, DoorDash also announced a $12 million Dasher rewards program that will run through May 2021, and which will highlight and recognize the commitment of many dedicated Dashers across the globe.
"This is one of the best ideas DoorDash has had," said Dasher Roland Pelletier. "The biggest thing I like is that there's no fee for daily direct deposits, and with the DasherDirect program I have total control of the app and my experience with it so I know what's in the bank. As a Dasher the gas savings are huge, and I plan to use the card for my daily expenses. At the end of the year, it's going to be a lot easier to itemize my spending as a Dasher."
"Economic empowerment requires a thorough understanding of financial transactions, credit building and savings," National Urban League President and CEO Marc Morial said. "There is a critical need within the African-American community for pre-paid debit cards like Dasher Direct Prepaid Visa that eliminates onerous access fees for users to view their balance and access convenient ATMs. It's a breath of fresh air when companies like DoorDash make a sincere effort to provide equal access to technology and financial empowerment."
The DasherDirect app is 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. DoorDash, together with Payfare and Visa, will continue to add exclusive rewards to the DasherDirect program over the coming months.