The Financial Times announced the news, which will see customers register online and be able to choose between vehicles such as the Mini and the electric i3.
Users will then be able to pick up cars from anywhere across London, and pay on a per-minute basis. At the end of a journey users are able to leave vehicles anywhere in the designated business area.
The pay-as-you-go system is similar to that of Zipcar, which allows users to book vehicles online for one hour upwards and ‘unlock’ the car by a membership card of phone app, and returning the car before their allotted time is up.
It will also take on the Boris Bike system which allows users to borrow bikes and leave them at various points across London.