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    Cash App Pay Integrates with Lyft for Seamless Payments

    10/17/24 12:00:00 PM ET
    $SQ
    Computer Software: Prepackaged Software
    Technology
    Get the next $SQ alert in real time by email

    Lyft becomes the first-ever rideshare partner for Cash App Pay

    Starting today, Cash App and Lyft are partnering to give digital-first consumers more flexibility when taking a ride. This partnership puts the convenience and accessibility of paying with Cash App Pay front and center, focusing on the preferences of the next generation of customers.

    "Lyft connects riders with the people and places they love. Today's partnership with Cash App gives riders even more options for getting out into the world — making it as easy and rewarding to pay for a Lyft ride." Jordan Glassberg, VP of Partnerships and Loyalty at Lyft.

    With an integrated Cash App Pay partnership, Lyft is adding an easy and exceptionally customer-friendly new payment method. 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 recent study on customer satisfaction when it comes to banks and financial technologies, Cash App was ranked as a top financial technology platform preferred by Gen Z and Millennials.1

    "We are thrilled to join forces with Lyft to mark a significant milestone to offer more payment optionality within the rideshare space. With more consumers actively seeking solutions outside of traditional financial systems, this partnership will give consumers a new flexible and convenient digital payment solution when paying for their fares." Tanuj Parikh, Head of Partnerships, Cash App and Afterpay.

    With this partnership, Lyft will be able to engage with Cash App's 57 million monthly transacting actives as of the second quarter of 2024.2 Within the same time period, Lyft reported over 23.7 million active riders.

    About Lyft

    Lyft is one of the largest transportation networks in North America, bringing together rideshare, bikes, and scooters all in one app. We are customer-obsessed and driven by our 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.

    About Cash App

    Cash App is the money app. It's the easy 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. Download Cash App for free at cash.app/download.

    Cash App is a financial platform, not a bank. Banking services provided by Cash App's external bank partner(s). Prepaid debit cards issued by Sutton Bank pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa U.S.A., Inc. All other trademarks and service marks belong to their respective owners.

    1YouGov, US consumer bank ratings 2024.

    2Block, Inc. Q2'24 results. A transacting active is a Cash App account that has at least one financial transaction using any product or service within Cash App during a specified period.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241017769811/en/

    Get the next $SQ alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Q&A

    New
    • What is the significance of Lyft's partnership with Cash App?

      Lyft has become the first rideshare partner for Cash App Pay, allowing riders to pay for their rides using their Cash App balance or linked debit card.

    • What consumer demographic does the Cash App and Lyft partnership primarily target?

      The partnership aims to provide more payment flexibility and convenience for digital-first consumers, especially Gen Z and Millennials who prefer non-traditional payment methods.

    • How does the Cash App Pay integration change the payment process for Lyft riders?

      Riders can now pay for Lyft rides without having to enter card details each time, as Cash App Pay will be integrated directly into the Lyft app for seamless transactions.

    • What are the user statistics for Cash App and Lyft that highlight the potential impact of their partnership?

      Cash App has 57 million monthly transacting actives, while Lyft reported over 23.7 million active riders in the second quarter of 2024, showing a potentially large customer base for both companies.

    • What are some key features of Cash App that make it attractive to users?

      Cash App is a versatile platform that allows users to send and receive money, buy and sell Bitcoin, and use a Cash App Card for purchases, making it a comprehensive financial tool.

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