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 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.
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