PayPal is looking at extending its payment business to space with the prospect of space travel and tourism taking off. This initiative is called PayPal Galactic and is being carried out in association with the Space Tourism Society and SETI institute in Mountain View, California. The aim is to work out how commerce is going to operate in space. They are curious on what currency will be used and how commerce will be regulated. They were looking at regulatory and technical issues, safety and the nature of cross-border trade when there aren’t any borders.
A long history
PayPal has had strong associations with space. Elon Musk, one of the company’s founders is the head of the space company SpaceX. When PayPal was launched in 1999 its first official spokesman was James Doohan, who enacted the role of “Scotty” in “Star Trek”.
PayPal is planning to announce the venture on Thursday at the SETI institute in Mountain View, California.