Wednesday,
June 26 2013
Initiative
will address the issues to help make universal space payments a reality
June 27 9
am PDT Launch Event with Buzz Aldrin will be available
SETI
INSTITUTE, Mountain View, CA – PayPal today announced the launch of PayPal
Galactic, an initiative that addresses the issues to help make universal space
payments a reality. PayPal Galactic brings together leaders in the scientific
community, including the SETI Institute and Space Tourism Society, to prepare
and support the future of space commerce.
The
announcement with PayPal President David Marcus and Astronaut and author Buzz
Aldrin takes place June 27 at 9am PDT at the SETI Institute in Mountain View,
California. The event will be live
streamed at http://www.ustream.tv/channel/15001907 and will be available on
demand at 4pm the same day at the same location. A video explaining the initiative is available
in HD and standard definition for downloading and sharing immediately at
http://www.ustream.tv/channel/15001907
“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,” said David Marcus, PayPal’s President. “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."
“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. “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.”
This
visionary program, spearheaded by PayPal, working with the SETI Institute, aims
to bring together leaders in the space industry to work on the big questions
around the commercialization of space. These 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?
To support
the SETI Institute and its mission to improving the understanding of life on
Earth, and the search for life beyond it, PayPal is launching a crowdfunding
campaign powered by FundRazr. The SETI
Institute's scientists play an active role in some of the world's most advanced
scientific ventures, including groundbreaking studies in astrobiology and radio
astronomical research with the Allen Telescope Array. Donations to support SETI Institute and the
science of space can be made at www.seti.org/curiositymovement
“PayPal and
the SETI Institute are well-matched to work on PayPal Galactic because together
we can create a recipe for innovation,” said Jill Tarter, the Bernard M. Oliver
Chair for the SETI Institute. “PayPal
envisions exploring possibilities in space the way that we do, breaking
boundaries to make real progress. When
the SETI Institute succeeds in its exploration of the universe, and as we find
our place among the stars, PayPal will be there to facilitate commerce, so
people can get what they need, and want, to live outside of our planet.”
Already the
need for a galactic payment system exists.
Astronauts inhabiting space stations still need to pay for life’s
necessities—from their bills back on Earth to their entertainment, like music
and e-books, while in space.
“Within
five to ten years the earliest types of ‘space hotels’ and orbital and lunar
commerce will be operational and in need of a payment system,” said John
Spencer, founder and president of the Space Tourism Society.
The launch
of PayPal Galactic commences in conjunction with the celebration of PayPal’s
15th Anniversary. Founded in 1998, the company has since grown its service of a
faster, safer way to pay and get paid online to more than 128 million active
accounts in 193 markets.
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