The app will let people rent and lock available bikes anywhere around the sprawling city

Mobike is an on-demand bike rental service launching in China, founded by an ex-Uber executive, David Wang. The app will allow users to see available bikes nearby, use an in-app navigation service to get to one, and scan a QR code to unlock it. Users will be able to book a bike 15 minutes before they use it, and end the rental when they relock their bike. Unlike other public ridesharing services, they'll be able to lock the bike at any standard bike rack around the city.

The app tracks the bike's location via GPS data, and once returned, the bikes immediately become available to another user. There are currently over 10,000 rentable Mobikes in Shanghai. Users pay an refundable deposit of 299 RMB (or about $45) to sign up, and pay one yuan (or about 15 cents) per 30 minutes of riding.

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