CareCredit - Women's Health April 2024

Uber and Mastercard Launch Pro Card for Canadian Gig Workers

Uber is now offering its Pro Card to its Canadian drivers and delivery workers.

The card, developed in collaboration with Mastercard and gig worker-centric FinTech Payfare, gives workers free instant payouts after every trip or delivery, the companies said in a Tuesday (March 5) news release provided to PYMNTS.

The card, which offers rewards to help save on things like gas and electric vehicle charging, comes amid a wave of new financial offerings aimed at gig workers.

“App-based workers, including drivers and delivery people on Uber, play an integral part in our economy and they require flexible financial products to meet their unique needs,” said Balinder Ahluwalia, senior vice president market development, Mastercard in Canada. “Through this partnership with Uber and Payfare, we are enabling app-based workers to scale their business by providing them with cash flow when they need it most.”

According to the release, the Uber Pro Card will be available through mobile wallets and allows seamless contactless payments, so drivers and delivery people can begin spending right away, while tracking rewards, earnings and savings via the Uber Pro Card app.

Uber and Mastercard first debuted the Pro Card in 2022.

Recent weeks have seen a number of companies launch financial products aimed at independent workers.

Last month, Robinhood debuted a retirement savings plan designed specifically for gig workers who may not have access to traditional 401(k) options or corporate matching programs.

Another company offering gig work-related financial solutions is Wingspan, which has a comprehensive platform for managing payroll, benefits and taxes, a built-in business bank account, and a Wingspan Wallet debit card, which clients can use, both virtually and as a physical card, to cover business expenses.

But as that report argues, these solutions still have limitations. For example, while Robinhood’s retirement offering might offer an accessible solution for some gig workers, the requirement for wage income to contribute to its IRA retirement program can present a hurdle for many independent workers. 

“Essentially, it excludes those whose income are primarily from non-wage sources, making retirement investing a challenge for them,” wrote PYMNTS.

“Therefore, as the gig economy continues to evolve, solutions providers must address any gaps and adapt to meet the diverse needs of this growing workforce, bearing in mind that a one-size-fits-all approach is unlikely to suffice for those operating within the gig economy.”