To offset the near doubling of prices year-over-year at the pump, Toronto fintech Moves has announced it is offering five percent cash back for all gas purchases.
Earners of Uber, Lyft, Doordash or other major gig platforms can download Moves and apply for the Moves Spending Account. Once approved, users will receive cash back on their very first gas purchase.
The surge in gas prices is causing a precipitous drop in take home pay for rideshare drivers and couriers, placing these independent workers in financial jeopardy.
While some rideshare platforms have introduced customer surcharges to offset the surging gas prices, the increases are not enough to cover the additional costs drivers face.
In addition to providing cash back on gas purchases, Moves Spending Account holders also secure access to all the benefits the company offers its members, including cash advances, free use of ATMs, stock rewards in the companies they earn on and early access to weekly payouts.
“The rapid increase in gas prices over the past few months has taken a huge bite out of take home earnings for millions of gig workers,” said Matt Spoke, Moves’ CEO and founder. “We’ve heard and seen how much this impacts their livelihoods, and as a company dedicated to the financial wellbeing of gig workers, we knew we needed to take immediate action.”
The Moves’ debit card with five percent cash back delivers a higher percentage cash back than most debit cards and can be used at any gas station. Moves’ cash back reward is deposited weekly, making it an easy way to save money at the pump.
“Gig workers are getting squeezed right now,” added Spoke. “Companies that exist to support or service gig workers need to step up and help them during this time. Our cash back offering demonstrates our focus on solving critical and immediate challenges facing millions of gig workers. We heard their collective ask for help, and we responded.”