In recent years, there has been a growing interest in building smart cities based on the Internet of Things (IoT) technology. However, selecting a low-cost IoT wireless technology that enables low-power connectivity remains one of the key challenges in integrating IoT to smart cities. In this context, the IQRF technology offers promising opportunities to provide cost-effective solutions. Yet, in the literature, there are limited studies on utilizing IQRF technology for smart city applications. Therefore, this study is aimed at increasing the awareness about the use of IQRF technology in IoT-based smart city development. For this purpose, a review of smart city architectures along with challenges/requirements in adopting IoT for smart cities is provided. Then, some of the common cost-effective IoT wireless technologies that enable low-power consumption are briefly presented. Next, the benefits of IQRF technology over other technologies are discussed by making theoretical comparisons based on technical documentations and reports. Moreover, the research efforts currently being undertaken by the authors as a part of ongoing project on the development of IoT-based smart city system in Gjøvik Municipality, Norway, are conceptually introduced. Finally, the future research directions are addressed.