(Ping! Zine Web Tech Magazine) – E-commerce provider PayPal is going galactic. The company last Wednesday detailed plans to “tackle payments in space” through a partnership with the SETI Institute.
The initiative will seek to answer questions including how banking systems will have to adapt, what regulations will be in place, how fraud management will need to evolve and what the standard currency will look like all in an upcoming space age.
“We will still need a way to pay for life’s necessities, back here and out there, though exactly how we’ll do that isn’t currently clear. This is why, today we are announcing our intention to make PayPal the leading resource to address the challenges that these new and exciting times present. We are the only company currently poised to deliver payments outside of our planet. We want to be not only the world’s most loved way to pay but also the preferred money transfer system off earth – in space and between space and Earth,” stated PayPal President David Marcus via a press release.
The payment processor cited companies including Virgin Galactic and Space X as making progress towards space travel.
PayPal also said there was already a need for payments in space – pointing astronauts on the International Space Station who still need to purchase things. You can watch a video from PayPal’s announcement below: