The operator of the new scheme, Serco, will allow users to make single journeys from £1.50 once it goes live next month.
The scheme will launch with an initial 200 cobalt blue bikes in September.
Under the new rollout, there will be 3 ways to hire a bike using a simple smartphone app.
They will range from Single trip, Day subscription, Annual membership
The scheme’s hire charges are as follows:
*£1.50 for a single trip of up to 1 hour
*£3 for a day subscription, allowing unlimited hires of up to 1 hour each in a 24 hour period
*90 usersp for an annual membership, allowing hires of up to 1 hour each for 365 days
For each of the charging options, hirers can enable ‘extended rentals’ to enable trips of more than 1 hour.
Trips of over 1 hour will incur an additional £1 charge for each extra 30 minutes.
Bikes can be returned to any cycle hire point at any time, with the closest available stations shown in the app that will be ready for users to download.
The initial three-year concession agreement will deliver a minimum of 500 manual bikes by April 2019.
The scheme will also be using technology including the unique hybrid lock provided by Urban Infrastructure Partner (UIP) the operators of cycle hire schemes in Oslo and Bergen.
Serco signed a concession agreement with Transport for Edinburgh (TfE) to introduce and operate the new cycle hire scheme for the City of Edinburgh in May.
Jason Holtom, Serco’s director of leisure services said: “We are introducing high quality bikes in Edinburgh which offer excellent safety, quality and comfort. Once launched in September, users will find the process of hiring simple and straightforward, with hire charges that make the scheme accessible to everyone.”
Transport Convener Councillor Lesley Macinnes said: “Coupled with the Council’s continued investment in improving cycling infrastructure across the city, the new bike hire scheme will help make Edinburgh even more cycle-friendly, boosting health and wellbeing and cutting harmful carbon emissions.
“In line with a bus or tram journey, I’m pleased to see the pricing model is also friendly and I’m looking forward to seeing the new bikes become a familiar sight.”
Transport for Edinburgh Chief Executive George Lowder MBE said: “We’re confident that the quality of the service and product being introduced to Edinburgh’s transport network is one of the best in the world. As Edinburgh’s first cycle hire scheme at scale t will provide a completely new transport offering for people who live, work, study and visit The City. It also allows us to diversify our portfolio of transport modes and meet increasing modern demand for convenient city centre cycling and active travel options.”