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Beyond the Transaction: Every Transaction Has a Story

The Global Connected City of Tomorrow

Last month, over 500 delegates at the MasterCard Innovation Forum 2015 got a glimpse into what a future city may look like, as the entire floor of the showcase area was transformed into one global connected city.

Delegates got to experience for themselves what the latest technology and smart payment solutions can do to create a seamless, connected and smart city. Whether it was the use of Qkr!, a mobile payments platform, to pay for meals and even food from a vending machine or using Clothespin to select, manage and pay for laundry services – MasterCard’s city of the future was convenient, efficient and smart.
But beyond the retail experience, one area calls for a little more attention, that of transport. While contactless payments in transport have been around for a while, MasterCard has been asking whether there’s more that can be done to transform the daily commute in the city of the future.

Leading experts in urban design and transportation argue that by leveraging data from smart phone travel applications, we can encourage more efficient use of public transport and improve the commuter’s experience.

Fortunately, according to a recent report from the Future Foundation, commissioned by MasterCard, this notion already strikes a chord with city dwellers in some of the world’s fastest growing economies – China, India and Brazil. The report found that more than half of urban residents were happy to share their data to help improve the local public transport system.

As well as improvements to quality of life for commuters, increased efficiency of urban transport can also have significant economic impacts, improving a city’s desirability as a business destination and overall competitiveness.

Across the globe, MasterCard has been leveraging its global network and technology expertise to help local transport authorities in cities such as London, Chicago, Athens and St. Petersburg create more seamless transport experiences for travellers. There is huge scope for similar innovations in Asia Pacific’s emerging market cities.

In the past, innovation, ideas and technology have flowed from West to East as emerging markets play catch-up. However, the strength of Asia Pacific’s economies means a growing middle-class is demanding better services from both government and business, so innovation may soon start to flow the other way.

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Related Content:

  • To read the full report, ‘Connecting Cities: Mobility Unlocking Potential in Emerging Markets’,please visit: