How payments data holds the key to smart city development

City developers can utilise payments data to tailor their services to the wants and needs of consumers.

Demand for the development of smart cities has steadily grown in recent years. Loosely defined as an environment where data collected from inhabitants and their behaviours is used to introduce and improve efficient services and amenities, the appetite for smart cities continues to expand; from the technology companies who want to develop them to the consumers and businesses who want to benefit from them.

The interest in smart city development has increased so far this year. Recently, Indian city, Shillong, was selected by Smart Cities Mission as the 100th smart city to be developed, while a study from BCC Research projects the smart city IT market will grow by 15.8% annually over the next four years. But, alongside widespread demand for smart cities, there is also widespread recognition that the current approach to smart cities needs to evolve.

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