" />
Business

Why PayPal Galactic isn’t so far out of this world

Why PayPal Galactic isn’t so far out of this world
the+CiaranTreacy@sociable.co'

Looking back, according to the 60s many of us should be living on the moon, riding our hovercars to work and eating dinner from straws, or in pill form. While 21st Century man mightn’t be living on the Moon (yet) at least he’ll be able to pay for stuff when he gets there, thanks to PayPal Galactic.

Currently, Galactic is not a product, but an initiative to investigate how people in the very near future will be able to pay for things in space. While it may seem somewhat far-fetched, space tourism is expected to boom in the next decades. Virgin Galactic and Space X are the two most prominent competitors for the new tourism market, and in the background companies like Russian Company Orbital Technologies are developing a series of small space hotels. Much like the airline industry, which has in less than 100 years, become one of our favourite ways to travel, the space market is ready to boom.

The very relevant question, which is born from this competition, is how will people pay for space based commodities. Under international law, space is not subject to claim from any single nation, so in what currency do you pay for things, and what will that mean back on Earth? PayPal has been largely credited with changing the way we use money online, allowing easy payments across any website, which they aim to copy in Space.

While PayPal might be the only payment company looking to space, their competitors are certainly stirring up some trouble on the ground. Jack Dorsey’s Square, which was launched, rather famously on the Late Late show a few years ago, has been going from strength-to-strength. Already many businesses in the LA area have signed up for the app based payment system, aimed at removing your wallet from the equation. Visa and Mastercard have also been rumoured to be launching their own tie in with Google wallet and Apple’s own Passbook.

Combined with a series of security concerns, PayPal isn’t the all powerful online payment tool it once was; it does, however remain the biggest. The company doesn’t expect this product to launch any time soon, and it will be at least 15 years in their eyes before commercial spaceflight becomes accessible to the general public, but by that time PayPal and numerous other companies see a boom time ahead, where orbital flights could cost as little as a round trip to Asia. The potential returns also remain huge Spaceflight is still an expensive venture, as is staying overnight. PayPal doesn’t see this ending anytime soon, especially when they consider the next step, from Moon and Mars bases, to space yachts for the ultra-rich.

It’s an interesting idea from PayPal, who have once again shown a certain vision into the future, whether near or slightly further in the future, it remains an interesting prospect which sets the imagination a little wild. Unfortunately, hover-cars are still not within PayPal’s reach.

View Comments (1)

1 Comment

  1. tomwaring83@gmail.com'

    tomwaring83

    July 19, 2013 at 8:59 AM

    Well, Paypal entered the dark space of adult online in June. Why isn’t anyone talking about it?

Leave a Reply

Your email address will not be published. Required fields are marked *

Business
the+CiaranTreacy@sociable.co'
@coconut2674

As an Account Manager and Social Media Manager with Ireland's largest social media agency Ciaran Treacy worked for some of the world's top brands Vodafone, Nokia, News International, Ebookers, Chevrolet, and UNICEF. As well as regularly blogging about media and technology on his own site Ciaran is also an Online Marketing Executive with The Doyle Collection.

More in Business

ohio startups

Ohio is Pumping Out Startups as if They Were Growing on Buckeyes

Tim HinchliffeJune 19, 2017
sustainable building practices

Romanian-born architect enlists 3D printing, VR in innovating sustainable building practices

Tim HinchliffeJune 19, 2017
enterprise technology

6 Ways Advanced Collaboration Will Rule Enterprise Technology

John MasonJune 16, 2017
emergency kit

70 simple quick-use items to fix cars, gadgets, and humans all in one emergency kit

Tim HinchliffeJune 13, 2017
peru venture capital

Peru Moves to Invest in Tech, Innovation With Venture Capital Conference in Lima

Tim HinchliffeJune 12, 2017
payments solution

An honest payments solution to help SMBs grow combining great tech with security

Tim HinchliffeJune 10, 2017
europe smes

5 Ways Europe Prioritizes SMEs, The ‘Backbone’ of its Economy

Tara DesquitadoJune 7, 2017
Microsoft Accelerator News

Microsoft Accelerator Celebrates 5th Anniversary and 2nd Global Startup Roadshow

Conrad EgusaJune 5, 2017
value-inspired company

That’s the Spirit: 3 Ways to Create a Value-inspired Company

Srii SrinivasanJune 2, 2017