The payments processor is looking at opportunities in an age of space tourism
PayPal, which claims more than 128 million active accounts in 193 markets and 25 currencies around the globe, is now looking at outer space.
As space tourism is expected to take off, PayPal is exploring what payment systems will be like in outer space.
The payments processor is launching Thursday with the SETI Institute and others an initiative called PayPal Galactic, which will bring together leaders in the space industry to discuss the issues surrounding the commercialization of space.
The need for a payment system beyond earth already exists, the payments processor said in a blog post on Wednesday. Astronauts on space stations need, for example, to pay for bills back on earth and for entertainment, like music and e-books, while in space, it added.
"Creating a secure and functional commerce system that can operate in space at scale will not be easy, but with the support of the scientific community, other technology companies and the public at large, we hope to find the solutions to address these challenges," PayPal wrote in the blog post.
The eBay unit admits that it is just at the beginning.
Some of the issues to be addressed by PayPal Galactic in tandem with scientists and researchers are how will standard currency look like in a "truly cash-free interplanetary society," how will banking systems have to adapt, how customer support needs to develop, regulations in the new environment, and developing risk and fraud management systems.
The initiative brings together scientists and space industry leaders from SETI in Mountain View, California and Space Tourism Society in Los Angeles, and former astronaut Buzz Aldrin.
A number of companies have been set up to offer space tourism. Virgin Galactic, for example, said in May that it is on track to be the world's first "commercial spaceline." Some companies plan to set up space hotels, according to reports.
John Ribeiro covers outsourcing and general technology breaking news from India for The IDG News Service. Follow John on Twitter at @Johnribeiro. John's e-mail address is john_ribeiro@idg.com
Our latest CMO 2022 readiness episode on the great resignation and staff motivation and leadership is now live!
Many marketing leaders are scrambling to give their people more flexible work. And they need to: PWC’s Future of Work report showed 90 per cent of staff want some form of hybrid or remote workplace.
Your success as a senior marketing professional has much in common with your success as a leader. Both marketing, and leadership activities, depend on building trust, encouraging action, and reliably fulfilling promises that have been made.
Between further interest rate rises, inflation, empty shelves, extortionate lettuce prices, supply chain issues and the barely believable events in Eastern Europe, the past six months there’s been a cacophony of environmental factors.
Invest and earn with Coinbloc .us. Guaranteed Weekly ROI, early signals, fast withdrawals among others. I recommend Coinbloc .us as on...
Hans Jensen
Explainer: What marketers need to know about cryptocurrency
Investment decisions are a big deal, so why not get some guidance? You can day-trade cryptos, BUY and HOLD and evaluate the assets with f...
Dave Sigurd
Gartner: Digital isn't enough of a superpower for CMOs anymore
I normally don’t feel comfortable investing online but because the company I worked for downsized due to the pandemic and I was one of th...
Dave Sigurd
CMO's top 8 martech stories for the week - 9 June 2022
Investment decisions are a big deal, so why not get some guidance? You can day-trade cryptos, BUY and HOLD and evaluate the assets with f...
Dave Sigurd
Creating a marketplace for wellness
A solution for an retail industry data extraction. https://e-scraper.com/usefu...
"e-Scraper" Data Extracting
Catchoftheday launches fee-based online shopping club