Ofo cycle

                                                                                                                                                   ofo (pronounced oh-foh) is a Beijing-basedbicycle sharing company founded in 2014. It operates over 10 million yellow-colored bicycles in 250 cities and 20 countries, as of 2017. The dockless ofo system uses a smartphone app to unlock bicycles, charging an hourly rate for use. As of 2017, the company is valued at $3 billion and has over 62.7 million monthly active users.^[2][3]
Customers use the company's mobile app on their phones to locate nearby bicycles. Each bike has a QR code on the frame, which the customer scans to unlock the bike. Ofo bike unlocking is also available on other collaborative apps such as WeChat and Alipay. Each yellow bicycle has the GPS satellite positioning which allowed the users easily see which bike is nearby and available.Customers use the bike and when they are finished, they leave it on a public bike rack and lock it. The bicycles use NarrowBand IOT to power the locks, developed by Huaweiand China Telecom.^[17].
 Cost-wise, ofo also announced on Wednesday that riders would now pay S$1 an hour, capped at S$2, for the entire journey when they use the new bikes. When it ...