Why are Digital Payments a key element of digital transformation?
The benefits of digital payments include
Creating financial and process efficiencies for city programs.
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Through all of this, governments have a compelling chance to foster prosperity by creating an environment that helps individuals, businesses, and key economic sectors to thrive.
$470B per YEAR
Total potential net benefits from digital payment to 100 cities
- Time savings in banking, transit and retail transactions
- Savings from avoidance of late payment fees
- Improved budgeting and expense tracking
- Better data to build credit profiles
- Reduced theft and piferage
- Labor time savings
- Savings from reduced float times
- Potential for sales through digital medium
- Better data to improve customer experience
- Increased tax revenues from recaptured informal economy
- Smart cities to enhance quality of life for citizens
- Toll road and transit agency cost savings
- Better tracking of movement of money
Source: Visa, Cashless Cities: Realizing the Benefits of Digital Payments, 2017