Initiative will address the issues to help make universal space payments
June 27 9am PDT Launch Event with Buzz Aldrin will be available
LIVE at www.paypal-galactic.com
SETI INSTITUTE, Mountain View, CA, June 27, 2013 /CNW/ - 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 www.paypal-galactic.com 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 www.paypal-galactic.com.
"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
What will our standard currency look like in a truly cash-free
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
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.
Video of the press conference, the 90-second PKG, and the PKG script can
be found at video at www.paypal-galactic.com
Follow us on Twitter at @PayPalCA and via hashtag #paypalgalactic.
PayPal is the faster, safer way to pay and get paid online, via a mobile
device and in store. The service gives people simpler ways to send
money without sharing financial information, and with the flexibility
to pay using their account balances, bank accounts or credit cards.
With 128 million active accounts in 193 markets and 25 currencies
around the world, PayPal enables global commerce, processing more than
7.6 million payments every day. Because PayPal helps people transact
anytime, anywhere and in any way, the company is a driving force behind
the growth of mobile commerce and expects to process $20 billion in
mobile payments in 2013. PayPal is an eBay (Nasdaq: EBAY) company and
contributed 40 per cent of eBay Inc.'s revenues in 2012. PayPal is
headquartered in San Jose, Calif. and its international headquarters is
located in Singapore. More information about the company can be found
About the SETI INSTITUTE
The SETI Institute is a leading private research organization dedicated
to expanding human knowledge of the universe and the search for life,
including intelligent life, beyond our world. The non-profit institute
comprises three centers: the Center for SETI Research, the Carl Sagan
Center for the Study of Life in the Universe, and the Center for
Education and Public Outreach. Founded in November 1984, the SETI
Institute employs over 150 scientists, educators, and support staff who
share the unique mission to seek out evidence of life in the universe,
as well as the passion to ensure humanity's understanding of its
origin. For more information, please visit www.seti.org or call 650-961-6633.
Image with caption: "The evolution behind the way money moves across the globe, from paper to plastic and beyond. (CNW Group/PayPal)". Image available at: http://photos.newswire.ca/images/download/20130627_C3709_PHOTO_EN_28570.jpg
For further information: