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Anyone wanting to use an Oybike signs up and pays a £10 annual fee, then uses their mobile phone to unlock a bike for as long as they need. The phone receives a pin number to unlock the bike at the start of a journey and a second one to lock it at the end and to determine how much the rider is charged.
Hire prices start at 30p for 15 minutes and rise to £8 for up to eight hours of time on an Oybike.
The first 28 rental stations are at locations including tube and train stations, theatres and cinemas. There are plans to introduce more, so Oybike collection and drop-off is easier.
Suit wearers will be happy to know that the Oybikes do not use chains, so there's little chance of getting oil on your clothes.