Block's payment service Cash App, under SQ.US, will partner with online car-hailing company Lyft (LYFT.US).
According to the financial news app, Block's payment service Cash App, under SQ.US, will collaborate with online car-hailing company Lyft (LYFT.US), allowing consumers to use Cash App Pay for payments when taking rides, marking the first collaboration of Cash App Pay with a ride-sharing company.
Passengers can now seamlessly link Cash App with the Lyft application without needing to take out a card or enter payment information.
Tanuj Parikh, Head of Partnerships at Cash App and Afterpay, stated: "As more consumers actively seek solutions outside traditional financial systems, this collaboration will provide consumers with a flexible and convenient new digital payment solution."
As of the second quarter of 2024, Cash App's monthly active trade volume is 57 million transactions. During the same period, Lyft reported over 23.7 million active users.
As of Thursday's closing, Lyft's stock price rose nearly 2%, while Block's stock price remained almost unchanged.