PAYMENT SOLUTIONS
We take a tour through the financial implications of smart cities , the more inclusive , streamlined , and cashless living spaces of tomorrow
WRITTEN BY : WILL GIRLING
T oday , approximately 50 % of the world ’ s population lives in an urban setting . This figure is set to increase to 70 % in 2050 . As a monument to modern living and community , it ’ s clear that cities infused with digital technology ( smart cities ) will come to be shaped by the economic infrastructure that underpins every facet of it .
With tools and system architecture that have proven their value in the private sector now available for public sector roll-out , cities stand to gain significant boosts in efficiency , cost saving and overall service . Passing these savings and benefits to citizens across potentially every financial aspect of daily life , digital payment solutions in smart cities could represent an important evolution in human living spaces .
In a whistle-stop tour through an imaginary smart city of the future , we explore the topic ’ s transformative potential , guided by commentators from Fiserv and Rapyd , as well as resources from PwC and Mastercard .
A more inclusive city One of the oft-cited benefits of a more thoroughly interconnected consumermerchant dynamic is inclusivity . Mastercard estimates in its brochure ‘
Smart cities are connected cities ’ that two billion adults are ‘ unbanked ’ worldwide and rely exclusively on cash for most financial transactions . Although the shift away from cash was