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27 July


Bike-sharing business gain popularity in South Korea

Two big ride-sharing companies are promoting this biz area

Photo: ЕНВ

/NOVOSTIVL/ South Korea’s ride-sharing companies are expanding their business portfolios into electric bike-sharing, creating high expectations as municipalities scramble to introduce the service as an alternative to conventional transportation. This article appeared in The Korea Herald.

The country’s major messenger app company, Kakao, has entered the e-bike sharing business with a new service called Kakao T Bike. The company began its service on Mar. 6 in Incheon and Seongnam, Gyeonggi Province.

Socar, a Seoul-based car-sharing startup, also joined the foray by investing in a young e-bike sharing service provider, Nine2One. The company said it would launch the sharing service within this month.

"We are hoping to provide various transportation options for consumers without cars," Socar CEO Lee Jae-woong said when he announced the plan for launching the sharing service on Mar. 6. "We can resolve traffic problems by reducing the number of cars on the streets."

The bike-sharing business is the focus of intense competition across the country, whether the bicycles are conventional or electric. The country has allowed electronic bicycles to run on the lanes alongside ordinary vehicles since March last year.