Why digital payments are important in a smart city?
The famed British Zoologist Desmond Morris once said something which beautifully sums up the story of current cities across the world. He said, “The city is not a concrete jungle, it is a human zoo”. Today, almost 55% of the world population lives in urban cities and this proportion is all set to go as high as 68% by the year 2050.
This will cause urban areas to face environmental and infrastructural pressures in times to come.
However, we do have a solution in the form of smart cities that can combat these challenges. But, what exactly is the smart city?
What is a smart city?
According to Wikipedia “A smart city is an urban area that uses different types of electronic internet of things(IoT) sensors to collect data and then use insights gained from that data to manage assets, resources and services efficiently, in return using that data to better improve the operations across the city.
This includes data collected from citizens, devices, buildings and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste management, crime detection, information systems, schools, libraries, hospitals, and other community services.
In a nutshell, it’s an attempt to leverage cutting-edge technologies and tools like AI, IoT, digital payments, information & communication technology (ICT), etc. to optimize the city functions and to drive economic growth. This approach also ensures that the quality of life of the citizen is improved.
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