Today, 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.