PayPal Galactic paves way for space bank

By Kristen Butler,  |  June 28, 2013 at 4:53 PM
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Online payment company PayPal is banking on the commercialization of space, and launched PayPal Galactic to prepare for the day when humans need to make interplanetary payments.

PayPal Galactic launched a website, which is mostly empty -- for now. But PayPal president David Marcus said in a statement that it's time to start preparing for an interplanetary economy.

"As space tourism programs are opening space travel to ‘the rest of us’ this drives questions about the commercialization of space. We are launching Paypal Galactic, in conjunction with leaders in the scientific community, to increase public awareness of the important questions that need to be addressed.

We may not answer these questions today or even this year, but one thing is clear, we won’t be using cash in space. Paypal has already pushed payments into the internet, onto phones and across terrestrial borders. We look forward to pushing payments from our world to the next, and beyond."

Even former astronaut Buzz Aldrin thinks it's a good idea:

"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. 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. When that happens I won't be surprised if people use PayPal Galactic for the little things and the big ones."

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