Yes, cycling and walking will both help lose weight. But where you say 'quicker' that depends on what it will be 'quicker' than. Personally i feel cycling will help you lose weight faster than walking and the outcome will be more satisfying. However walking is also great exercise and keeps you toned. You could always try cycling for say an hour a day on an exercise bike and instead of catching the bus/car places walk. That way your getting best of both sides. Good luck.
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When it comes to burning calories, your heart rate is much more important than what it is that you are doing.
If you can reach and sustain the same heart rate for the same amount of time you will burn pretty much the same amount of calories regardless of activity.
So, if you're exerting yourself equally much for equal amounts of time, there's really no important difference in calorie use between walking and biking.
But if you're measuring by distance, then walking will use up more calories.
And of course, any attempt at weight loss has to start with controlling your diet. If you're overeating, it's pretty much impossible to exercise hard enough to compensate.