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BUSINESS & TECH

Mobike Discards Deposits in Bid for Bike-Sharing Supremacy

A worker lines up Mobikes at a roadsite parking site in Shanghai on March 2, 2017. Photo: IC
A worker lines up Mobikes at a roadsite parking site in Shanghai on March 2, 2017. Photo: IC

Mobike announced Thursday that it has stopped taking deposits from users for its popular bike-sharing platform in an attempt to pedal further ahead of its rivals.

New users of Mobike no longer have to put up a 300 yuan ($45.20) deposit, and the platform’s 105 million current users are now eligible to get their deposits refunded, the company said at a media event in Beijing.

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