Just last month, Chinese bike-sharing firm Ofo raised it’s bike rental prices following the introduction of a licensing fee by the Land Transport Authority (LTA).
In light of this news, Mobike Singapore told TODAY that the firm was “reviewing (its) pricing model“, adding that it was also “exploring other sources of revenue such as corporate sponsorships and advertising”.
But last Thursday (Nov 1), Mobike implemented a new pricing system for its shared bikes.
According to its site, the rental rate for a single trip costs $0.99 for every 20 minutes, up from the usual $0.50. This means that the Chinese bike-sharing firm has nearly doubled its fees.
The prices for its passes have not increased however. A 30-day pass remains at $7.99, a 90-day pass remains at $19.99, while a 180-day pass remains at $36.66.
Mobike had also removed its deposit fees for new and existing users earlier in June this year, so there are no charges for reserving or cancelling a bike rental.
Mobike Has The Largest Shared Bikes Fleet In S’pore
Notably, Nov 1 was also the same day the new LTA licensing fee kicked in.
In line with LTA’s regulations, Mobike paid $30 to operate each bicycle for two years, as well as a security deposit of $30 per bike.
There are currently six firms operating 40,500 bikes in Singapore – Mobike has the largest fleet, followed by ofo with 10,000 bicycles.
Mobike told The Straits Times that it updates its fees based on supply and demand, in order to support a sustainable business.
“Singapore was the first city outside of China to welcome Mobike, and we look forward to continuing to be part of the city for many years to come,” it added.
Featured Image Credit: Mobike