Lyft, Inc. (NASDAQ: LYFT) shares are trading higher on Thursday.
The company said it is partnering with Cash App to offer digital-first consumers greater flexibility when hailing a ride. Cash App is a payment service owned by Block, Inc. (NYSE: SQ).
Through its integrated partnership with Cash App Pay, Lyft is introducing a simple and user-friendly payment option for riders. This allows customers to link Cash App directly to the Lyft app, eliminating the need to take out a card or enter payment details.
This collaboration highlights Cash App Pay's convenience and accessibility, catering to the preferences of the next generation of customers, per the company's press release.
"Today's partnership with Cash App gives riders even more options for getting out into the world - making it as easy and rewarding to pay for a Lyft ride," said Jordan Glassberg, VP of Partnerships and Loyalty at Lyft.
For digital-first consumers seeking alternatives to traditional credit cards, Cash App Pay offers the flexibility to pay using their Cash App balance or a linked debit card.
A recent study on customer satisfaction in banking and financial technologies found that Cash App is a preferred platform among Gen Z and Millennials.
According to Benzinga Pro, LYFT stock has gained over 25% in the past year. Investors can gain exposure to the stock via Advisor Managed Portfolios Trenchless Fund ETF (NYSE: RVER) and Amplify ETF Trust Amplify Travel Tech ETF (NYSE: AWAY).
Price Action: LYFT shares are trading higher by 1.16% to $13.55 at last check Thursday.