June 27, 2013
PayPal today announced the launch of PayPal Galactic in Mountain View, CA. The primary objective for this initiative is to bring together leaders in the scientific community in an effort to prepare and support the future of space commerce.
PayPal has partnered with the SETI Institute, the Space Tourism Society, and Buzz Aldrin to address the big questions surrounding the commercialization of space like standard currencies in a cash-free society and the adaptations of banking systems.
“We may not answer these questions today or even this year, but one thing is clear, we will not be using cash in space,” says PayPal president David Marcus in a press release. “PayPal has already pushed payments . . . across terrestrial borders. We look forward to pushing payments from our world to the next.”
When people go to space, regardless of reason, they still need to pay for things back on Earth; unfortunately, being in orbit does not exclude you from house payments. And as pretty as staring at Earth is, e-books, music, and movies are somewhat of a necessity that you would need to pay for as well.
PayPal Galactic launched on the celebration of PayPal’s 15th anniversary since its founding in 1998. At its launch, PayPal aimed for the top spot in the money transfer game, and their ambition took them far. Now, they want to go even further to be the premier platform for off-Earth transactions.
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