NEW YORK - There's a new name in bike sharing that may beat Citi Bike to service in all five boroughs.

Social Bicycles employs dockless bike stations to let cyclists find the nearest available ride.

Users reserve and pay for it using an app, and then unlock the bike with a code number or a card.

When they're done, they just lock the bike up to any rack they want.

Citi Bike currently has exclusive operating rights here in the city.

Transportation Commissioner Polly Trottenberg isn't ruling out this new cheaper alternative for the future.

"As you know we're finishing up the phase two expansion, getting further into Brooklyn and Queens and Upper Manhattan. And we're into Citi Bike about a phase three would look like. But I'll say we're also starting to hear a lot of interest in the new models that are out there, that are dockless models, which is a much more low cost way potentially to further expand the system, so we're looking at a bunch of alternatives," Trottenberg said.

Social Bicycles says it would be ready to compete in the city if allowed.