Mastercard report finds human connections, technological innovation are key for Cities of the Future

CAIRO - 29 March 2024: A recent report by Mastercard, titled "Cities of the Future," has revealed that human connections and technological innovation play crucial roles in shaping the cities of tomorrow. The report focuses on the aspirations of urban dwellers in Egypt, Saudi Arabia, and the UAE.

 

According to the findings, 82 percent of Egyptians expressed their belief that residing in a smart city would contribute to their overall happiness. Among the respondents in Egypt, 65 percent identified smart and connected buildings and homes as the most important innovation, closely followed by Artificial Intellgience (AI)-driven services, manufacturing, transport, and medicine, which were deemed a priority by the same percentage of respondents.

 

However, the report also highlighted some concerns among Egyptians regarding the potential loss of traditional jobs and decreased physical activity resulting from technological advancements. When considering the most significant technologies for future cities, 61 percent of respondents in Egypt regarded AI and machine learning.

 

The anticipated outcomes in Egypt were dominated by two key aspects: 63 percent of respondents desired smart and secure payment networks, while an equal percentage sought modern and efficient transportation systems. Additionally, 68 percent of respondents believed that their cities were either maturing or already mature enough.

 

Egyptian residents expressed a strong desire for digitization to enhance various aspects of their daily lives, workplaces, and payment experiences. Digital access to services such as utilities, licensing, banking, and transportation emerged as the top priority for 63 percent of respondents. Furthermore, 62 percent of participants emphasized the importance of strong privacy and secure personal data.

 

Mastercard partnered with the Administrative Capital for Urban Development to establish the necessary digital infrastructure for Egypt's first cashless city, the New Administrative Capital. The ongoing partnerships with the Central Bank of Egypt (CBE) and the Egyptian Banks Company (EBC) aim to facilitate the implementation of card tokenization regulations by providing infrastructure to all issuing banks nationwide.