Move over BIXI, there's a new bike rental service in town. 

Dropbike has just launched on the island of Montreal, and unlike BIXI, this new rental service only costs $1. You also don't need to return bikes to a designated docking station. 

READ ALSO: This Montreal Restaurant Serves "Black Bao Buns" And They Look Amazing

Equipped with its own locking system, which uses Bluetooth, a Dropbike user can take out a bike from anywhere by simply using a smartphone. 

Use the Dropbike app, scan a unique bike-code, and you're off. 

Rides only cost $1 for every hour, with all payments done wirelessly. 

Aside from the incredibly affordable price, Dropbike makes life easy by allowing you to return a bike just about anywhere. 

In fact, doing away with docking stations, which can be quite pricey, allows Dropbike to pass the savings on to users. 

The automatic, electronic locking system allows Dropbike bikes to be placed anywhere without fear of theft. Plus, the bright orange colour makes them quite identifiable, should anyone try to steal one. 

Really, the only catch is that Dropbike is only available in Westmount, having launched in the Montreal area at the end of August, reports The Gazette. 

50 bikes are currently set up in Westmount, the designated "zone" where you can pick up, ride, and leave bikes in Montreal. 

Dropbike already operates on the University of Toronto and Ryerson University campuses.

The company hasn't made any announcement as to whether they're planning on one of the many university campuses in Montreal, but it would make sense. 

For more on Dropbike, check out the company's Facebook page.