Stripe, the payment processor that powers many on-demand apps, has added an instant-pay option which allows workers to cash out immediately rather than waiting for their usual weekly deposit. Care.com, Postmates, and Instacart are some of the marketplace providers that will be offering the new feature by Stripe.
Quick cash is a big draw for workers. Stripe originally built a version of instant payouts at the request of Lyft Inc., the largest U.S. ride-hailing app behind Uber. Lyft began offering same-day pay to its drivers in December. Since then, Stripe has processed $500 million in instant payments for Lyft, and half of all driver payouts now go through that feature, the companies said. "It shows us how valuable this product is to drivers," said Lachy Groom, Stripe's cards lead.