PayPal is gearing up to take payments in space. Sure, now it’s the exclusive vacation domain of the uber-rich, bit once the regular guy space travel ball gets rolling, tourists are going to need a way to pay for stuff.
Space travel is primed for growth in the not-too-distant future.
A handful of the uber-rich have already gone into orbit on leisure missions of discovery, and forward-thinking companies are devising ways to get more people up there.
Once the regular-guy space travel ball gets rolling, tourists are going need a way to pay for stuff. Nobody owns space, so declaring an official currency could very well be a problem. That’s where PayPal is planning to come in.
The company is collaborating with the Space Tourism Society and the SETI Institute on a new initiative called PayPal Galactic to work out the kinks.
According to SETI, the group is currently considering practical issues. Among them are how the galactic currency will interface with terrestrial banks, how to conform to regulations, and issues involving fraud protection.
PayPal’s president admitted the ins and outs of space payments will take a while to hammer out.
Of the initiative at large, he said, “…one thing is clear, we won't be using cash in space…We look forward to pushing payments from our world to the next, and beyond."