HONG KONG: Mobike, one of the pioneers of China’s bicycle-sharing craze, is scrapping a key part of its business by dropping the need for deposits amid fierce competition to win users.
Existing customers will get their deposits back as the company adds electric-bikes to its fleet in China and overseas, the Beijing-based company said in a statement. Mobike is making the moves as it fends off rivals backed by Alibaba Group Holding Ltd and Ant Financial.
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