Monday, May 7, 2012

Citi Bike by Citibank Will Be The Name of NYC Bikeshare

According to Bloomberg News, CitiGroup will sponsor New York City Bikeshare. With a promise of $41,000,000, Citigroup Chief Executive Officer Vikram Pandit, will offer 10,000 bikes branded with the New York-based bank’s logo at 600 docking stations in Manhattan, Brooklyn, and Long Island City, Queens.

The Citi Bike pricing is announced as $95 for an annual pass, $25 for a 7-day pass, and $9.95 for 24-hour access. The first 30 minutes are at no extra charge, but the overage time escalates very sharply for every 30 minutes thereafter.

Also Bloomberg News is reporting that MasterCard will sponsor the system with $6,500,000 by providing bike-share stations with a “PayPass Tap & Go” payment option with the traditional magnetic-stripe terminals as part of its “Priceless New York” promotion.

New York, London, and Rio de Janeiro, you can bank on the bike-sharing!

images: Gothamist, CitiBike Doppelganger

Russell Meddin

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