Lyft this week introduced a new cash payment option for passengers who don’t have a bank account, credit, debit or prepaid card.
The Lyft Cash digital wallet(Opens in a new window) allows users to load money into their account(Opens in a new window) to book rides (at no additional cost or charge).
To use it, simply open the app’s Payment tab to see your balance, then tap “Add Money” to top up in-store by visiting any of the over 35,000 participating stores globally. nationwide including Walmart, Walgreens, ACE Cash Express, Kroger, Dollar Family, Kwik Trip, Sheetz, and more.
Click “Find a store” to see a map of nearby options, choose your favorite to receive a unique barcode, then show it to the cashier to complete your purchase. If cash is the only payment method on your Lyft account, you’ll need to scan an approved ID before your next ride.
There is a $30 minimum for in-store top-ups, and customers can add up to $300 at a time. Those paying online can add $25, $50, or $100 at a time, with the option to automatically replenish when your balance drops below $15.
“Lyft is committed to ensuring that more people have access to affordable and reliable transportation, and we can help make that happen by expanding payment methods for our services,” said Kaushik Subramanian, vice president of platforms. business at Lyft, in a statement. “We know that cash is the primary form of payment for many people, and we hope this will help people get where they need to go more easily.”
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Riders wanting to borrow a bike or scooter, meanwhile, must have an additional alternative payment method, such as a credit card, attached to their account to use Lyft Cash.
According to a 2019 FDIC (Federal Deposit Insurance Corporation) survey (PDF(Opens in a new window)), 7.1 million American households are unbanked or have limited access to traditional financial services, disproportionately impacting communities of color.
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