It was once virtually unthinkable for a company to operate on a global scale, but if a recent move by PayPal is any indication, this small planet of ours may soon be just the beginning.
In fact, PayPal on Thursday announced the launch of PayPal Galactic, an initiative that's designed to address the upcoming need for universal payments from space. Conceived with leaders in the scientific community including the SETI Institute and the Space Tourism Society, PayPal Galactic aims to handle financial transactions for astronauts, space travelers and tourists.
"Trips to Mars, the moon, even orbit will require we provide astronauts and astro-tourists with as many comforts from home as possible, including how to pay each other," said astronaut and author Buzz Aldrin, who participated in the announcement. "Whether it's paying a bill, even helping a family member on Earth, we'll need access to money.
"I think humans will reach Mars, and I would like to see it happen in my lifetime," Aldrin added. "When that happens, I won't be surprised if people use PayPal Galactic for the little things and the big ones."
A 'Cash-Free Interplanetary Society'
Questions to be addressed by the new PayPal Galactic initiative include:
- What will our standard currency look like in a truly cash-free interplanetary society?
- How will the banking systems have to adapt?
- How will risk and fraud management systems need to evolve?
- What regulations will we have to conform with?
- How will our customer
support need to develop?
While many of the questions are forward-looking, others -- focusing on security and regulation, for example -- are also relevant to transactions on Earth today.
PayPal's partners include not just the SETI Institute and the Space Tourism Society but also crowdfunding site FundRazr.
Neither PayPal nor SETI responded to our request for further details.
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