It is set to be "Uber's most affordable ride option," with prices as much as 50% lower than a standard fare, according to the company.

A new Uber service will operate shuttles in select cities along set routes, offering pickups every 20 minutes.

The company unveils its cheapest ride option yet, price-lock features, prepaid ride bundles, and dining deals as part of a push to attract budget-conscious users. Uber is on Wednesday launching its own version of a bus system along busy routes,