The demand for NOW — What’s Driving Payments Innovation?

The definition of real time is changing — or at least the expectation that real time is really real time is increasing.

Trendwatching captures this perfectly in their article

“NOWISM” Why Currency is The New Currency

This consumer trend helps to explain the push for mobile banking, location awareness, mobile payments, online channel innovation and core banking transformation.

Google has done a great job of shaping consumer expectations and supporting this trend — you can have everything NOW.  When it comes to online banking transaction history there is anticipation of abundance and consumers are confused if they are told that there are limits.  Now means now, and here and without arbitrary limitations.

This is the driving force behind Starbucks mobile payments and the plethora of payments related startups that have recently been funded (e.g., Square, Boku, Zong) and the emergence of NFC and other emerging proximal payment technologies.  This trend is also where Google is likely anticipating it’s consumers are going — to the mobile platform and instant money movement.

This is a trend that pushes boundaries and breaks barriers.  Banks will continue to face new expectations and new versions of “NOW” will emerge.

Anticipating this trend and aligning to the trajectory of consumer expectations will be challenging and exciting..

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