Up until this point, rideshare companies only accepted debit/credit cards as a form of payment. Unfortunately, that created a transportation barrier for almost 7.1 million US households who are “unbanked” or have limited access to traditional financial services. Lyft, in an effort to be more inclusive, recently announced a new way to pay for Lyft rides: with cash.
According to Lyft, “Riders can now conveniently add cash to their Lyft Cash balance at more than 35,000 retail locations nationwide including Walmart, ACE Cash Express, Kroger Family of Stores and more. Riders can simply present a barcode or unique ID number from their Lyft app and add cash, turning physical cash into Lyft Cash. Lyft Cash can then be used in their Lyft account to book rides with no added fees or charges.”
Lyft is the first major rideshare company to find a solution for cash-preferred riders. Through this new initiative, Lyft is increasing their reach, making it easier to pay for a ride, even if a customer doesn’t have a bank account, credit, debit, or prepaid card.
Currently, Lyft is requiring a minimum of $30.00 to purchase Lyft Cash to ensure riders have sufficient funds to complete their ride. Also, it is important to note that riders looking to order a bike or scooter ride will need to have an additional alternative payment method, such as a credit card, attached to their account to use their Lyft Cash balance for the ride.
To find a local participating store to add Lyft Cash to your app, follow the below steps.
For more info, riders can visit https://www.lyft.com/rider/load-cash.
New Lyft app users are not required to have an additional payment method besides their Lyft Cash balance, making this new payment method simple and easy for any cash-preferred riders!