New Business Prepaid Visa Card and mobile banking app offers no-fee daily direct deposits, cash-back rewards, and convenient banking functionality
By: Brandon Silverman, Strategy & Operations; Emma Glazer, Dasher Marketing; Kate Cona, Strategic Partnerships
At DoorDash, we strive to build the best platform for Dashers to access flexible, independent earning opportunities. We know that the most effective way to make positive change is to listen to Dashers and learn about what they need to be most successful on the platform. Over the past few months, we’ve fielded surveys and conducted interviews with Dashers about the types of financial services they’d like to see. What we heard loud and clear was this: Dashers want faster and more flexible access to their earnings, and they want cash back on key business expenses – most notably, rewards on fuel.
With Dashers’ needs top of mind, we’re excited to launch DasherDirect – DoorDash’s first financial platform for Dashers, featuring a Business Prepaid Visa Card and mobile banking app. With no-fee daily deposits, convenient mobile banking functionality, and cash-back rewards, the DasherDirect platform empowers Dashers with more flexibility and control over their earnings.
DasherDirect is powered by our partners at Payfare and issued by Stride Bank. Through the DasherDirect app, Dashers can check their account balance, pay bills, transfer money, set savings goals and find no fee ATMs on the go – without worrying about overdraft fees or minimum account balance requirements. At launch, the Business Prepaid Visa Card will allow Dashers to earn 2% cash back on fuel at any station when they use their card, with more benefits coming in 2021.
Through DasherDirect, we’ll be able to serve the underbanked and unbanked population in the U.S., opening doors for Dashers to access earnings in new ways. Many banks carry fees, making them prohibitive and burdensome, and providing a financial option for Dashers that not only unlocks their earnings faster and sooner, but also without additional fees, was an important step forward in serving the needs of our growing Dasher community.
“Over seven million households in the U.S. are without a checking or savings account*, and with the support of our partners we’re proud to provide financial resources to more Americans looking for flexible earnings opportunities,” said Tony Xu, CEO and Cofounder of DoorDash. “This is a major step forward in introducing new tools to empower Dashers who count on DoorDash for reliable, independent and flexible work.”
“This is one of the best ideas DoorDash has had,” said Dasher Roland Pelletier. “The biggest thing I like is that there’s no fee for daily direct deposits, and with the DasherDirect program I have total control of the app and my experience with it so I know what’s in the bank. As a Dasher the gas savings are huge, and I plan to use the card for my daily expenses. At the end of the year, it’s going to be a lot easier to itemize my spending as a Dasher.”
The DasherDirect launch is part of DoorDash’s Main Street Strong Pledge to empower local communities, which includes enabling Dashers to achieve greater financial empowerment and meet their professional goals. Flexible work opportunities with low barriers to entry are more crucial than ever, which is why DoorDash also launched a multi-year partnership with the National Urban League to create a first-of-its-kind program designed for underserved communities to help them attain new job skills and entrepreneurial success through financial literacy training, educational funding, job programs, and more. As part of the Pledge, DoorDash also announced a $12 million Dasher rewards program that will run through May 2021, and which will highlight and recognize the commitment of many dedicated Dashers across the globe.
“Economic empowerment requires a thorough understanding of financial transactions, credit building and savings,” National Urban League President and CEO Marc Morial said. “There is a critical need within the African-American community for pre-paid debit cards like the DasherDirect Prepaid Visa that eliminates onerous access fees for users to view their balance and access convenient ATMs. It’s a breath of fresh air when companies like DoorDash make a sincere effort to provide equal access to technology and financial empowerment.”
The DasherDirect app is available for iOS and Android mobile users on the Apple App Store and Google Play Store in select regions across the East Coast, with a full nationwide rollout planned for early 2021. DoorDash will continue to add exclusive new rewards to DasherDirect in the months to come as the program is rolled out nationwide. We’ll also continue seeking valuable feedback from the Dasher community to ensure this product meets their needs and exceeds their expectations.
For more information and to see if DasherDirect is available in your city, visit https://get.doordash.com/dasherdirect.
* FDIC Survey of Household Use of Banking and Financial Services, 2019