Lyft Inc (NASDAQ: LYFT) has partnered with Match Group Inc (NASDAQ: MTCH) to create a feature that enables Tinder users to buy a Lyft right for their dates. Tinder members can access the feature in the newly added Explore section of the site. To use the service, both parties should have Lyft accounts.
Tinder users will be able to buy a Lyft ride credit for potential dates. The credit buyer will not get access to the recipient’s address for safety reasons. However, they will have complete control of the value of the credit, time, and ride location. The recipient then gets a link through their email or phone number. The buyer can get their money back if the recipient does not use the ride.
This move comes after a report that Lyft has faced a decrease in enthusiasm from smart money. The company was in 60 hedge fund portfolios at the end of March. However, this number has recently lowered to 43. It has also not been named among the 30 most popular stocks among hedge funds.
Lyft makes proposition in Massachusetts that will give drivers 120% of minimum wage
Lyft, along with companies such as DoorDash Inc (NYSE: DASH) and Uber Technologies Inc (NYSE: UBER), and others, has made a proposition in Massachusetts to guarantee drivers 120% of the minimum wage. In the proposal, the companies will classify their workers as contracted workers instead of employees.
The move has been met with opposition from critics who say the proposition will make drivers work at $4.82 per hour. Critics point out that the companies will only pay for engagement time, which is only 67% of a driver’s time. The 33% is spent on return trips and between passengers.
Lyft has announced that it will report its results for Q3 on November 2 after the close of the market. It will also hold an earnings conference the same day to discuss its results.
Ride-hailing services incur external costs
A recent study has found that while people hope to cut costs, reduce traffic and conserve the environment with ride-hailing services, the effect is the opposite. The external price for switching from a personal car to ride-hailing services is 35 cents per trip. These services also lead to deadheading, which increases fuel consumption, TNC miles, congestion, and noise.
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