Lyft wants to give free bank accounts and debit cards to drivers

In the battle to retain more drivers, Lyft has announced a new effort to help its freelance workers better manage their finances. The ride-hail (and soon-to-be publicly traded) company unveiled a broad set of new economic incentives for drivers, including no-fee bank accounts, debit cards, vehicle maintenance, and deals on rental cars. Lyft will also be opening a series of brick-and-mortar repair centers across the country where drivers can get discounts on maintenance and car washes.

It’s a way for Lyft to help drivers save money without actually increasing fares (which could drive down demand) or decreasing the percentage of each payment Lyft takes for itself (which would reduce its revenue). And like most driver-focused announcements…

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