03:27 PM EST, 03/05/2024 (MT Newswires) -- Uber Technologies ( UBER ) has formed a partnership with Mastercard ( MA ) and Payfare to launch the Uber Pro Card in Canada, offering its ride-hailing and delivery drivers free and immediate access to their earnings, along with other benefits.

The Uber Pro Card is a Mastercard ( MA ) business prepaid card that will be available through mobile wallets. The card will help Uber drivers and delivery people track earnings, transfer funds, and earn rewards through a dedicated app, according to a statement. The card offers exclusive cashback rewards helping users save as much as 4% on gas and up to 8% on electric-vehicle charging and other everyday expenses. No financial terms related to the partnership were in the statement.

Uber shares were down 3.5% in Tuesday afternoon trade, while Mastercard ( MA ) fell 0.7%.

"At Uber, we look to support drivers and delivery people with flexible options to access their earnings," Michael van Hemmen, general manager of mobility for Uber Canada, said.

Qualifying cardholders will be able to access up to $50 through a backup balance offering, the statement said.

The partnership will enable app-based workers to "scale their business by providing them with cash flow when they need it most," said Balinder Ahluwalia, senior vice president of market development at Mastercard ( MA ) in Canada.

The Uber Pro Card is separate from the Uber Plus Card, which is available to delivery people for shop and pay trips, according to the statement.

"Uber is our longest-tenured app-based platform partner and we are pleased to expand our partnership," Payfare Chief Executive Marco Margiotta said.

In October 2022, Uber teamed up with Mastercard ( MA ), Marqeta ( MQ ) , and workforce payments platform Branch to launch the Uber Pro Card to help drivers and couriers save on gas, fees, and other expenses.

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