At Lyft, we’re committed to working harder for our community of drivers and passengers. One of the ways we do so is by offering drivers flexible access to the money they earn with Lyft — some drivers tell us they want to cash out weekly; others want to cash out daily.
Knowing this, we launched Express Pay nearly a year ago. Within six months of offering the first-of-its-kind feature, we saw 40 percent of driver payouts via Express Pay. Today, that percentage is 50 percent — half of all driver earnings are paid out instantly.
Today we’re announcing another exciting milestone: To date, drivers have cashed out more than $500 million through Express Pay. That’s more than half a billion dollars!
Drivers are using their instant payouts for all types of purchases, from groceries to vacations. Miss J, a driver from Orlando, told us, “My friends and I were planning a vacation and I needed to pay for my portion of the trip by Monday. I told them - well, let me work this weekend and see what I can do. I drove over the weekend and come Sunday, I pressed that ‘Get Paid’ button and I made the money I needed to escape to the Bahamas with my friends.”
The success of Express Pay is a result of our partnership with our friends at Stripe. Our drivers rely on Stripe to get paid — whether instantly or weekly — and we continue to work closely together to create a seamless, positive experience.
We know happy drivers make for happy passengers, and happy passengers make for happy drivers. While Express Pay is one feature that keeps the smiles rolling for drivers, we’re devoted to working harder for our community through a number of other ways, like in-app tipping, weekly Power Driver Bonuses, and Express Drive.
*Depends on the drivers' banking institution; most drivers receive instant deposits, some banks' deposit timing will vary; transaction fees apply.