Mastercard & Stride partner to provide portable benefits to gig and independent workers

By Pavithra R

Mastercard announced entering into a new partnership with Stride, a leading portable benefits platform for independent workers, to provide customers with the ability to offer cardholders in the United States access to simple, affordable coverage plans.

The rise of the gig and independent economy has led to a drive for accessible benefits options, as well as the flexibility to move benefits across jobs. This partnership is an extension of Mastercard’s commitment to financial inclusion and first step in the company’s broader strategy to provide gig and independent workers with a range of benefits choices. It is the first of its kind where differentiated health, dental, and vision benefits will be made available via a payments network.

“The role of the gig and independent worker is increasingly relevant to our economy, as more and more people rely on digital tools and platforms to fulfill requests and facilitate tasks. Understanding evolving preferences from this segment for access to cost-effective coverage, and an overarching desire for a comprehensive set of personalized financial products and solutions, we’re excited to make Stride’s Portable Benefits Platform available to our partners via their cardholder offerings,” said Jess Turner, executive vice president of Products and Innovation, North America at Mastercard.

African American-owned Mobility Capital Finance (MoCaFi) and Jobble are among the first of Mastercard’s customers to use Stride’s Portable Benefits Platform. MoCaFi & Jobble cardholders, as well as other Mastercard participating partners, can access Stride’s Portable Benefits Platform, which provides:

•  A fully stocked benefits marketplace which provides access to affordable, quality health insurance, low-cost dental and vision insurance, income and expense management tools, discounted telemedicine and prescriptions, and tax withholding estimation and guidance, besides local deals and discounts.
• A customizable, configurable platform providing specific users with the ability to tailor benefits programs by adding unique perks and benefits, offering different benefits packages based on loyalty, engagement, productivity, other criterias and presenting their own tools and services.
• Year-round concierge access to Stride’s team, who can help with everything from benefit selection and enrollment to questions about invoices and payments.

“Independent workers deserve the same access to affordable, comprehensive benefits as full-time workers. For the past several years we’ve been building the world’s first ‘Portable Benefits Platform’ designed to help all independent workers secure, manage and use the benefits they and their families need to thrive. Through this partnership, we’re putting that powerful platform in the hands of Mastercard’s partners so they can provide their users with access to those benefits,” said Noah Lang, co-founder and CEO of Stride.

Begining in 2021, the companies also have plans to enable Mastercard cardholders with the ability to use their cards on Stride’s Portable Benefits Platform making it easier and rewarding for their users to pay for their benefits. 

Established since 1966, Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. The firm is also making Environmental, Social, and Governance (ESG) central to its business model.