Citibank sponsors NYC’s bike sharing system

In New York, Citibank have announced that they are sponsoring and commercialising the bike share system. To be renamed Citi Bike, the system will be 100% privately funded with 600 stations and 10,000 bikes in Manhattan and Brooklyn.

According to TreeHugger, Citi Bike’s pricing is listed as $95 for an annual pass, $25 for a 7-day pass, and $9.95 for 24-hour access. But the city of New York has plans to make sure the Citi Bikes are accessible to New Yorkers “of all income levels”. A program is being developed, according to the web site, so that qualifying New Yorkers will be able to purchase a reduced annual membership for $60, payable in quarterly instalments.

It’s very interesting to see a commercial entity come on board to run the bike sharing scheme, as inherently they will be running it to set out to make a profit. However the scale of the investment and reach of the infrastructure is more likely to change behaviours than a small investment. Watch this space to see how it performs!

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