Fifty bikes will be available to hire in Swansea from 5 July.
The city's university is organising the scheme having received £100,000 in funding for it.
The bikes, based at five locations, will cost £1 for half an hour and a maximum of £10 for the day.
Bikes will be kept at Swansea University's Singleton and Fabian Way campuses, Fabian Way Park and Ride, the Civic Centre and the National Waterfront Museum.
Swansea University won a competition involving 22 other institutions to run the Santander-sponsored bike share scheme.
Andrew Rhodes, the university's registrar and chief operating officer, said: "We have been overwhelmed with the support we have had from individuals, the community, businesses and councils for this ground-breaking scheme.
"Since our success in the competition we have been working hard with our partners to deliver the scheme to provide bike stations and cycles."
The Welsh Government, Swansea council and Mumbles Community Council were among those who backed the scheme.
Swansea's cabinet member for housing, energy and building services, Councillor Andrea Lewis, said: "This scheme fits perfectly with the council's longer-term aims of developing new modes of transport that have an environmental benefit and help to reduce congestion."
The bikes can be unlocked electronically using an app or customer card, but cash will not be an option.