Lyft drivers will now be able to get paid immediately and plug into a broader banking and personal savings ecosystem.

The ride-hailing service is working with Mastercard and payments company Payfare on a co-branded debit card called Lyft Direct Debit. Through it, drivers can be paid immediately regardless of the ride cost. They’ll also be able to access fee-free banking and a series of benefits, including cashback on everyday purchases, built-in savings accounts, a network of 20,000 ATMs and theft protection. The card and bank accounts will be issued by Stride Bank.

Mastercard told Bank Innovation the product launch is a response to the financial needs of a growing number of gig economy workers. It’s also a means to attract and retain drivers, especially as the number of app-based transportation platforms grow.

With bank accounts and access to savings, Lyft drivers will be able to take more control over their financial lives, said Sherri Haymond, executive vice president of digital partnerships at Mastercard. “Driver loyalty and satisfaction is extremely important to Lyft, and they sought to come up with a program that was going to bring benefits across the board to drivers and solve pain points to help them get paid more quickly,” she added.

While this isn’t the first effort to allow ride-hailing contractors to get paid instantly (Lyft Express Pay, launched in 2016, lets drivers get paid instantly after reaching at least $50 in earnings), Lyft Direct Debit has no minimum earnings requirement. Uber Instant Pay, which also launched in 2016, offers similar instant-payment benefits. The broader strategy, however, is to create a personal finance ecosystem for drivers, with opportunities to access low-cost financial services, savings accounts and cashback perks.

“There are many under-banked drivers who don’t have great access to financial services,” said Brendan Miller, head of global product marketing at payments company Rapyd and former principal payments analyst at Forrester Research. “Drivers [now] will have spending and budgeting mechanisms, and this data can be used down the road for things like lending to help drivers buy new vehicles.”

With 57 million gig economy workers across the U.S. – roughly 36 percent of the U.S. workforce, according to recent research – demand for financial solutions for workers who fall outside of traditional payroll mechanisms is growing. The challenge, said Miller, will be to expand these types of platforms to gig workers outside of the U.S.

User adoption also is a hurdle, but Haymond hopes the comprehensiveness of the offerings from Lyft Direct Debit will be a powerful incentive for drivers to join the platform. “With this card, there’s a suite of benefits and solutions,” she said. “We’ve worked with Lyft to provide the most compelling value proposition out there in this space.”