A NEW bike-sharing scheme has been launched which could see people borrowing each other's bikes for as little as £1 per day using their smartphones.

Cycle.land will offer more than 70 bikes across the city allowing users to directly contact the owners about hiring them out.

A new keyless lock activated by smartphones will then give users access to the bike to ride it around the city.

The company said that as of yesterday's launch more than 70 residents, students and lecturers had signed up their bikes to the scheme.

Oxford University graduate Agne Milukaite came up with the idea and hoped it would encourage more people to cycle around the city.

She said: "Cycling is a brilliant way to see Oxford, whether you want to see the famous colleges, or, head away from the crowds along the river to Port Meadow for a picnic or pop into a little independent coffee shop.

"Our aim is to revolutionise how people think about transport.

"By placing every available bike on a map, anyone with a smartphone can see how easy and inexpensive it is to access one at the click of a button."

She added: "So many bikes are left in the garage at home or locked outside the office at work when they could be enjoyed, and make their owners some money."

Payment can be made to the bike owner over Paypal on mobile phones and bikes which have so far been registered will be available at both city train stations and bus stations as well as in the city centre in further afield.

To book a bike or register your own for the scheme visit cycle.land