PAYMENT SOLUTIONS
operates in a number of countries around the world in this regard and has enjoyed significant success .”
Payment structures The American Society of Mechanical Engineers ( ASME )
ranks the following as the leading global smart cities :
1 . Singapore 2 . Dubai 3 . Oslo 4 . Copenhagen 5 . Boston 6 . Amsterdam 7 . New York 8 . London 9 . Barcelona 10 . Hong Kong
With several of these locations also ranking high on
Findexable ’ s index of 2020 ’ s leading fintech hubs , it is logical to conclude that their digital payment architecture is similarly advanced . For cities that have recently chosen to embark on a citywide digital transformation , PwC recommends the following :
• Create a unified payment instrument that can be used for transport , medical needs and the easy transference of benefits within city welfare schemes .
• Design mobile and web-based portals to increase financial inclusion and ease transactions .
• Take into consideration value-added services to generate revenue while addressing infrastructure limitations .
Importantly , PwC also stresses the responsibility of regulatory bodies to incentivise key community players to adopt digital payments ( i . e . the Post Office ). “ Providing clear guidelines and process standards for an interoperable and secure payment system that takes into account different form factors , products and channels is a crucial step towards the development of a digital payments ecosystem .”
Living in a cashless society Keeping up with modern consumer expectations arguably forms the crux of why smart cities must integrate digital payments in the post-COVID-19 new
PwC ’ s checklist for a city ’ s receptivity to digital payments
Can citizens in your city …
• Make payments using phone-based and online channels ?
• Use digital technology to pay for public transport ?
• Pay using digital means without incurring additional surcharges for doing so ?
• Schedule payments remotely or via an agent ?
• Use bank branches and other ‘ touch points ’ for assisted payments services ?
76 March 2021