Austin is now the first city in the U.S. with a stationless bike-sharing program.

That's according to Spin, the company that launched its new service in downtown Austin on Friday.

You use an app to locate a bike in your area, unlock it with a QR code and ride it to your destination.

Then you use the company's lock to lock it up and tell the app where you put it. The bike is then available for use by the next rider.

It costs about $1 per half hour.

Derrick Ko is the co-founder and CEO of Spin. He said, "By encouraging people to use the great bike lanes Austin has, we can really reduce the number of car trips that happen in the downtown area. Also ultimately its better for the environment and everyone wins."

Ko says they did a lot of research before ultimately deciding to launch in Austin, partly because of the city's impressive bike lane program which continues to expand.

Spin will remain in Austin after SXSW.

The idea came from China where several similar companies operate successfully.