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Instacart and DoorDash are next to FinTech their way to growthINTL

Instacart and DoorDash are next to FinTech their way to growth

DoorDash (DASH) and Instacart are the latest non-finance players to integrate some FinTech into their businesses — they’re releasing their own credit cards.

Grocery-delivery platform Instacart chose JPMorgan to issue its credit card, which will feature a reward system for recurrent users (word on the street is that cardholders could receive 5% cashback on purchases). Takeout delivery giant DoorDash, on the other hand, is still in the courting process as it considers the best option out of a pool of more than 10 financial firms (JPMorgan also being one of them).

Both companies benefited massively from the delivery boom during the pandemic and are now looking to retain customers in the long-term by offering products that are both rewarding to loyal users and attractive to new ones.

why it matters
Banks are known for partnering with travel companies for reward cards, but ain’t nobody using much miles these days. Home-delivery may drop once coronavirus is out of the picture, but many socially-distant shopping habits will remain – which is what these new collaborations are trying to capitalize on.