The scheme is the brainchild of Milton Keynes City Centre Management and launched last week.
Hundreds of bicycles are available for hire at over 40 stations around the city centre, set up with the help of Milton Keynes Development Partnership, Land Securities and intu Milton Keynes shopping centre.
Already more than 2,600 journeys have been made. There have been over 3,400 registrations and nearly 2,500 active users.
Santander has already supported a similar scheme in London. City centre manager Melanie Beck said: “We are thrilled that the cycle hire scheme has finally launched.
"A facility of this size is a tremendous addition to Milton Keynes and we hope it will provide employees, residents and visitors with a simple, sustainable and enjoyable way of travelling around this vibrant city.”