Mayor Nutter announced the “worst kept secret” in Philadelphia this morning: Independence Blue Cross has become the corporate sponsor of the city’s bike share program.

Independence Blue Cross will contribute about $1.7 million a year for the next five years to maintain the program’s operation. Their investment adds to the program’s $7.5 million received from federal, state, and local sources including a $3 million capital investment from the city.

The name of the new bike share program — also not much of a secret, the mayor added — is “IndeGo.”

The service will provide 600 easy-to-ride and professionally maintained bicycles across 60 docking stations around the city from the Delaware River to West Philadelphia and from Temple University’s main campus to the Navy Yard in the southeast. Over the years, the city expects the program to expand to 180 docking stations and 1800 bicycles.

Mayor Nutter also added that 20 docking stations will open in lower income neighborhoods with decreased costs for “regular low-income users.” More importantly, cash payment is now an option. Philadelphia will be the largest city with a bike share program that doesn’t require the user to own a credit card, he added.

“We promise you this, we owe you this,” Nutter said in his concluding remarks. “We will be one of the great cycling cities in the United States of America.”

Pricing details and information on pay-as-you-go ride memberships will be announced next month.