China’s bike-sharing phenomenon is picking up serious speed.
ofo, the world’s first and largest station-free bike-sharing platform, this week announced a global partnership with Adyen, the payments platform of choice for the world’s leading companies. The partnership marks the latest step in ofo’s plans for global expansion. The collaboration will allow customers around the world to pay using their preferred local currencies and payment methods.
Beijing-based ofo already operates in China, the UK, and Singapore. In the US, it has launched pilot programs in Palo Alto, Calif., and other West Coast locations, with a broader rollout targeted for August. By fall, the company will expand service to the Netherlands, Japan, Philippines, Malaysia, and Ireland. ofo is set to operate 20 million bikes in 200 cities across 20 countries by the end of the year.
By the end of 2017, ofo will operate 20 million bikes in 20 countries.
ofo’s "non-docking" platform has revolutionized bike-sharing and helps tackle urban traffic problems. Users with the ofo app receive a passcode corresponding to the lock on one of the company’s signature bright yellow bikes. After the journey is finished, the rider simply leaves the bike in any area where bike parking is allowed. It immediately becomes ready for the next user.
With Adyen as its payments partner, ofo customers can now use one set of payment credentials for rides anywhere that ofo operates: users registered in Singapore, for example, can ride an ofo bike while visiting China with no extra effort to pay in local currency. Once a user’s credit card is linked to an ofo account, in-app payments are simplified and secured with Adyen’s technology.
ofo riders can now use one set of payment credentials anywhere that ofo operates.
ofo was founded in 2014 by Dai Wei and four fellow students from Peking University. In July, ofo announced that it raised more than $700 million in a funding round led by Alibaba. Currently, ofo processes more than 25 million transactions daily, connecting travelers to its network of 6.5 million bikes. In total, its platform has provided users with 2 billion efficient, convenient and eco-friendly rides.
Adyen has recently partnered with other major players in Southeast Asia, including Cathay Pacific airline, the ride-hailing platform Grab and Korean beauty site Althea.
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