PSI Pay Rings in the Future of Contactless Payment

Ringing your bank will soon take on a whole new meaning, if innovative companies like PSI Pay are any indication. The UK-based company, providing digital wallet services to the European market, is partnering with Kerv wearables to transform jewelry into wallets. Their current iteration of wearables coming in the form of a ring. Europeans, already comfortable with contactless payment, are leading the way for their counterparts in America, who, apart from the millennials, have been slow to adopt these technologies.

 

PSI Pay has been leading the way in the UK; in 2015, for instance, seeing a market increase of nearly 30%, but due to the disparity in feeling towards companies like PSI Pay between Europeans and Americans, the digital wallet functions differently in the two markets. In Europe, the wallet can be linked to credit cards, debit cards, ATM accounts, and bank accounts, essentially eliminating the physical wallet all together. They also allow the easy management and usage of multiple currencies, such as the Pound and the Euro, an all too important requirement for economies as interlinked as those of Europe. Additionally, with the growth of the so-called cryptocurrencies, a digital wallet allows consumers to quickly exchange these funds for real, useable money.

 

 

In America, the digital wallet hasn’t quite replaced a physical wallet. The American form of the technology does not replace cash, but simply acts as a middleman between a linked debit or credit card and the merchant. For the US market, most of these transactions occur online, while physical merchants have been slower on the uptake of these technologies; though it is thought that by 2020 contactless payment will be commonplace in America too.

 

With the introduction of Kerv’s ceramic, zirconia ring to UK consumers, and their partnership with a well-established fintech company like PSI Pay, it seems likely that Europe will continue to surge ahead in the race to make physical wallets a thing of the past. The ring, linked to PSI Pay’s technology, eliminates all the pesky details like pin numbers, signatures, phones, or even batteries. PSI Pay seems well placed to ring in a new future.

Jim Tananbaum’s Success With Foresite Capital

Jim contends that by virtue of being an investment strategist and a healthcare entrepreneur for 25 years, he was able to found Foresite Capital. He posits that after looking for key success factors, he found that most successful companies and entrepreneurs focus on innovation and teams. Jim says that he saw an opportunity to supply emerging healthcare companies with information, capital and networks to enable them to enhance their success.

Today, Foresite Capital has invested in corporations engaged in genomic sequencing and diagnostics, medical services, and biopharmaceuticals. Some of the notable companies that Foresite has invested in include Aimmune Therapeutics, Aerie Pharmaceuticals, Intarcia Therapeutics and 10x Genomics.

He spends much of his day working with members of his team in meetings and making calls. He networks with thought leaders in the healthcare industry as well as presenting new ideas and updating on the existing company portfolio. Jim notes that his favorite activity is having dinner with his family. In addition, between meetings, the shrewd entrepreneur finds time to work out. To Jim Tananbaum, the aspect of bringing ideas to life requires capital and engaging effective, persistent and smart thought leaders in the healthcare industry. He seeks to enable various companies to be in a position to undertake critical scientific discoveries that can be beneficial in the industry.

Jim contends that healthcare innovation excites him. He is optimistic that in the near future, people will have their saliva, blood or tissue sequenced for purposes of diagnosing diseases, thus preventing and treating them in time. Jim Tananbaum says that different companies have developed innovative applications in genomic sequencing and manufacture of drugs.

About Jim Tananbaum

The chief executive officer of Foresite Capital, a private healthcare equity firm, is a graduate of Yale University, Massachusetts Institute of Technology and Harvard University. Over the years, he has been passionate about marrying computer science and hard sciences with healthcare. He posits that because of having a broad network, he was honored to be mentored by renowned personalities. They include George Whitesides of Harvard University, Bob Gunderson of Gunderson Detmer, Roy Vagelos of Merck and Theravance, Rick Levin of Yale University and Rick Klausner of NCI. Visit his About.me page to know more.

Jim is credited for being one of the partners who founded Prospect Venture Partners II and III. He is also one of the partners of Sierra Ventures. Tananbaum has rendered his services for Jazz Pharmaceuticals, Healtheon, Amerigourp and Amira Pharmaceuticals.

See more: https://ideamensch.com/jim-tananbaum/