The Mayor's office announced this past Monday the sponsorship arrangement that would be bringing about New York City's soon to be launched bike share program, with Citibank providing $41m and Mastercard shelling out another $6.5m. The bike share program, dubbed Citibikes after it's main sponsor, will be the largest program in the US, even bigger than London's popular Boris Bikes.

Many are hoping that Citibikes will help to make cycling a valid alternative to public transit in the city. Some, however, are not convinced that the program will be all that it's cracked up to be. Felix Salmon, finance blogger at Reuters, for one, thinks the pricing will cause many commuters to opt for what may be a more cost effective alternative, like the city's comprehensive mass transit system or taxis

The New York Post has also made similar comments, arguing that riders would be "better off buying a monthly MetroCard." 

With a somewhat complicated pricing structure, based on a $10 per day, $25 per week, or $95 per year scheme, Citibikes, when compared to similar programs in other cities, may prove to be just what the city needs, according to Matt Seaton, of the Guardian.

We'll see what New Yorkers think about all of this come July, when Citibikes launches officially. Let us know what you think in the comments or on Twitter.

[via Reuters]