E-hailing service Bolt announced that it is rolling out Instant Early Cash Out for eligible drivers. This allows them to withdraw their earnings on demand, on any day of the week. While the company claims this reinforces its commitment to drivers’ financial control, it does come with a cost. Said cost depends on the frequency of said withdrawals, but we’ll get to that in a bit.
Firstly, to be eligible for Instant Early Cash Out, Bolt drivers will need to have been active for at least two weeks. In addition to the time gate, drivers will also need to have completed at least 25 trips. Once this two conditions are met, drivers will be able to make withdrawals from their earnings on any day as mentioned, but only once a day.
Naturally, you can’t withdraw more money that you have, and the minimum amount that can be withdrawn in RM1. That being said, Bolt charges a processing fee of RM3 for each withdrawal. On one hand, eligible drivers don’t have to wait for a weekly cycle to access their earnings. But on the flip side, they’re still discouraged from doing it frequently.
Bolt says that this feature is already available in other markets that it operates in. The company says that this “helps drivers manage not just their cash flow, but also navigate financial pressures that come with uncertain fuel prices, rising cost of living, and unplanned expenses”.
