“More with less” is one of the promises of smart city technology -- and nowhere is this more true than in payments and finance. By leveraging the techniques explained in this chapter, city governments can spend less while offering citizens more benefits, more convenience and more inclusion. Today cities are the hub of world economic growth, generating an estimated 80% of global GDP, according to the World Bank. Yet many cities are severely challenged by rising (or slowing) population growth, by aging or inadequate infrastructure, by increasing operational costs and by “do more with less” austerity pressures.
Smart Payments and Finance
With the ability to visualize infrastructure and analyze maintenance costs - including how long major assets such as roads or pipes will last - cities can save time and money in the planning process and millions in construction and maintenance costs. Even modest-sized cities often own more than $1 billion in assets and spend millions each year maintaining them.
As in any modern city, the government of Fès must support a host of civic needs, manage its budget and attract private and foreign investment, all while coping with a population migration from rural areas to the urban core.
The city of Redmond, Washington – home to Council member Microsoft’s corporate campus and a number of the software giant’s partner companies – is proud of its responsiveness and the wide range of services it offers to constituents. Aiming to take the city into the future, policymakers developed a visionary technology plan.
King Township, in Ontario, Canada, became one of the first municipalities in Canada with a fully integrated mobile app that works in conjunction with its web portal and online services to provide Anytime, Anywhere and Any Device access to information and e-services.