PayPal to address the future of space currency

By on June 27, 2013, 1:15 PM
paypal, e-commerce, space travel, paypal galactic, mobile payment

It might seem premature, but PayPal wants to capitalize on the future of space currency. In a presentation that seemed more like science fiction than reality, the e-commerce provider announced its plans for PayPal Galactic. To bring the concept to fruition, PayPal has teamed up with non-profit SETI Institute, and is also working alongside the Silicon Valley Space Center and the Space Tourism Society.

David Marcus, PayPal’s president is clearly serious about the initiative. Rather than explaining how the system will work, he simply wants to start a conversation that addresses certain concerns. “As space tourism programs are opening space travel to 'the rest of us' this drives questions about the commercialization of space," Marcus added. "We are launching PayPal Galactic, in conjunction with leaders in the scientific community, to increase public awareness of the important questions that need to be addressed."

Marcus is adamant that current monetary methods are ill suited for space. The use of cash is out of the question, but most would agree that a credit card is an easy alternative. After all, as long as there’s an internet connection and a tiny amount of bandwidth, transactions are completely hassle-free. That being said, the real problems have to do with regulating the currency, taxation laws, and jurisdiction. PayPal hopes to bring awareness to these topics and then start proposing solutions.

Interestingly, PayPal already has strong ties to space. Elon Musk, one of the company’s founders, is also the CEO of a space transport company called SpaceX. Furthermore, James Doohan who played the role of Scotty on Star Trek, served as PayPal’s spokesperson during its official launch in 1999.

PayPal released a short video describing the Galactic Program, shown below. Marcus explains that his company is ready to tackle the space-payment industry, saying, “PayPal has already pushed payments into the Internet, onto phones and across terrestrial borders. We look forward to pushing payments from our world to the next, and beyond."

User Comments: 11

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2 people like this | Tekkaraiden Tekkaraiden said:

That's never going to work, everyone knows space money is 'credits'.

cliffordcooley cliffordcooley, TechSpot Paladin, said:

OMFG, we are so not there yet. Talk to me again, when we are no longer dependent on fossil fuel for aircraft propulsion.

1 person liked this | Skidmarksdeluxe Skidmarksdeluxe said:

Now this is baloney.

Benny26 Benny26, TechSpot Paladin, said:

Come back in a hundred years maybe...

1 person liked this | Guest said:

I bet the fees will be... astronomical.

ypsylon said:

I wonder what exchange rates are for Gold Pressed Latinum?

JC713 JC713 said:

Ok Ebay, you have created a currency in 2013 that probably wont be used until 2100. We dont even know how to use warp drive!!! Hence, we cant get into space with the current transportation we have.

Guest said:

To all of you who had survived and for some (stupid) reason reading it (instead of Shakespeare), we were wrong we destroyed ourselves before even getting to accomplish that ... over ? hello ? can you hear me ?

captaincranky captaincranky, TechSpot Addict, said:

I figure space travel will be real similar to being in a penitentiary. If you have smokes and a shiv you made in metal shop, you'll be able to run the place. Forget that ray gun s***, it would just punch a hole in the hull.

fimbles fimbles said:

Space tourism seems to be becoming more mainstream every year, Although I do agree this is maybe a little premature.

captaincranky captaincranky, TechSpot Addict, said:

To all of you who had survived and for some (stupid) reason reading it (instead of Shakespeare), we were wrong we destroyed ourselves before even getting to accomplish that ... over ? hello ? can you hear me ?
Ground control to Major Guest......take your protein shake and leave your helmet alone......

(OK, Mr. Bowie, I truly am sorry for butchering your hit song for the sake of a cheap laugh. That said, I'd do it again in a heartbeat ).

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