Smart Payments and Finance: Page 17 of 17

Wed, 2015-10-28 22:58 -- Jon DeKeles
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Making convenience a priority with smart payments:

Toronto’s Benefits Card: Doing More with Less
Toronto faced a growing need to streamline the disbursement of social benefits and to reduce the cost of collecting the funds for those recipients, since one in four do not have a bank account to receive direct bank deposits. The city developed a new MasterCard prepaid card that can be instantly and securely issued Toronto Employment and Social Services offices. Funds are loaded on the prepaid card, which is then usable anywhere by the recipient.

Target: Implement optimal instrumentation (including acceptance devices and new payment form factors)
Transport for London Video Case Study
Transport for London (TfL) first introduced contactless payments on London buses in 2012 and two years later extended them to cover all modes of travel on the world’s largest contactless pay-as-you-go network – covering bus, rail, Tube and tram. This video from Council member Cubic Transportation Systems highlights the tremendous results TfL has seen since introducing contactless payments.

Target: Create a security framework
Two Factor Security for Mobile Transactions
IBM scientists developed a mobile authentication security technology based on the radio standard known as near field communication (NFC). As this video explains, the technology from Council member IBM provides an extra layer of security when using an NFC-enabled device and a contactless smartcard to conduct a mobile transaction.

Target: Implement optimal instrumentation (including acceptance devices and new payment form factors)
Moving Beyond Cash: Improving Lives with Smarter, More Efficient Digital Payments
With payments at the heart of a city’s economic activity and success, the efficient handling of funds is increasingly important. Digitizing payments permits greater convenience for citizens and tourists and greater transparency for government. It enables cities to better deploy resources and gain data-driven insights that lead to more effective city planning. Learn more in the white paper from Council member MasterCard.

Promoting financial inclusion:
Nigerian National ID Card
At the May 2013 World Economic Forum on Africa, the Nigerian National Identity Management Commission and Council member MasterCard announced the planned issuance of 13 million National Identity Smart Cards as a pilot program. The financial inclusion initiative offers citizens the safety, convenience and reliability of electronic payments and better economic prospects for 100 million Nigerians who have not previously had access to financial services.