PayPal looks to conquer space (payments) - New York News

PayPal looks to conquer space (payments)

Posted: Updated:

NEW YORK (AP) — PayPal wants to explore space — or at least begin to figure out how payments and commerce will work beyond Earth's realm once space travel and tourism take off.

PayPal, which is eBay Inc.'s payments business, says it is launching an initiative called PayPal Galactic with the help of the nonprofit SETI Institute in Mountain View, Calif., and the Space Tourism Society, an industry group focused on space travel. Its goal, PayPal says, is to work out how commerce will work in space.

Questions to be answered include how commerce will be regulated and what currency will be used. PayPal's president, David Marcus, said the company is very serious about the idea. He says that while space tourism was once the stuff of science fiction, it's now becoming a reality.

"There are lots of important questions that the industry needs to answer," he said. There are regulatory and technical issues, along with safety and even what cross-border trade will look like when there are not a lot of borders.

"We feel that it's important for us to start the conversation and find answers," Marcus added. "We don't have that much time."

PayPal is no stranger to outer space. One of its founders, Elon Musk, heads the privately held space company Space Exploration Technologies Corp., better known as SpaceX. And James Doohan, best known for his role as "Scotty" on "Star Trek," was PayPal's first official spokesman when it launched in 1999.

PayPal said it plans to hold an event announcing the venture at the SETI Institute in Mountain View on Thursday.

Copyright 2013 The Associated Press.

  • Your MoneyMore>>

  • Dunkin' Donuts cashiers will try to 'upsell' you in the afternoon

    Dunkin' Donuts cashiers will try to 'upsell' you in the afternoon

    Friday, July 25 2014 5:54 AM EDT2014-07-25 09:54:31 GMT
    If an iced coffee from Dunkin' Donuts is part of your afternoon routine, expect a nudge to buy a cookie or doughnut you didn't plan on. Dunkin' Brands CEO Nigel Travis said in a phone interview Thursday that the company is pushing to get its cashiers to "upsell" to afternoon customers. It's part of an effort to increase sales after stores have emptied out after the morning rush.
    If an iced coffee from Dunkin' Donuts is part of your afternoon routine, expect a nudge to buy a cookie or doughnut you didn't plan on. Dunkin' Brands CEO Nigel Travis said in a phone interview Thursday that the company is pushing to get its cashiers to "upsell" to afternoon customers. It's part of an effort to increase sales after stores have emptied out after the morning rush.
  • iPad sales decline

    Are tablets already on their way out?

    Are tablets already on their way out?

    Friday, July 25 2014 5:50 AM EDT2014-07-25 09:50:16 GMT

    Four years ago, tablet owners starting raving about the market's newest piece of mobile technology. Last quarter, Apple iPad sales fell by 9 percent. Still, forecasting the death of the tablet seems premature and incorrect. More likely, all our devices are cross-breeding and evolving until all our calling, emailing, texting, messaging, Internetting, TV watching, all our communication happens on one mobile gadget.


    Four years ago, tablet owners starting raving about the market's newest piece of mobile technology. Last quarter, Apple iPad sales fell by 9 percent. Still, forecasting the death of the tablet seems premature and incorrect. More likely, all our devices are cross-breeding and evolving until all our calling, emailing, texting, messaging, Internetting, TV watching, all our communication happens on one mobile gadget.
  • Cooler inventor raises $7 million in two weeks

    Cooler inventor raises $7 million in two weeks

    Thursday, July 24 2014 11:24 AM EDT2014-07-24 15:24:47 GMT

    What is being described as the coolest cooler of the 21st century is getting a lot of backers via Kickstarter.  Ryan Grepper, an inventor from Portland, Oregon, says he was tired of regular coolers.

    What is being described as the coolest cooler of the 21st century is getting a lot of backers via Kickstarter.  Ryan Grepper, an inventor from Portland, Oregon, says he was tired of regular coolers.

  • Local NewsLocal NewsMore>>

  • Another company to give family free cruise

    Family of 5-year-old with cancer upset with cruise line

    Family of 5-year-old with cancer upset with cruise line

    Friday, July 25 2014 3:44 PM EDT2014-07-25 19:44:05 GMT
    A Long Island family is upset that a cruise line won't accommodate them after their 5-year-old son had to have emergency surgery for cancer. Nicolas Colucci and the rest of his family was supposed to go on a cruise on the Norwegian Breakaway.
    A Long Island family is upset that a cruise line won't accommodate them after their 5-year-old son had to have emergency surgery for cancer. Nicolas Colucci and the rest of his family was supposed to go on a cruise on the Norwegian Breakaway.
  • Jersey City swears in new firefighters

    Jersey City swears in new firefighters

    Friday, July 25 2014 3:23 PM EDT2014-07-25 19:23:09 GMT
    AP photoAP photo
    Jersey City has 26 new firefighters, including the city's first black woman to wear the uniform. Mayor Steven Fulop swore in the newest members of the department during a ceremony at City Hall on Friday. The city said the hiring was made possible by funds from a $6.9 million federal grant that was announced in January.
    Jersey City has 26 new firefighters, including the city's first black woman to wear the uniform. Mayor Steven Fulop swore in the newest members of the department during a ceremony at City Hall on Friday. The city said the hiring was made possible by funds from a $6.9 million federal grant that was announced in January.
  • New York suggests summer shutdown for Indian Point

    New York suggests summer shutdown for Indian Point

    Friday, July 25 2014 3:08 PM EDT2014-07-25 19:08:24 GMT
    A state agency is suggesting summer shutdowns at the Indian Point nuclear power plant in the New York suburbs. The idea is to protect migrating and spawning fish who might otherwise get sucked into the plant. Indian Point takes 2.5 billion gallons a day from the Hudson River to make steam and cool its two reactors.
    A state agency is suggesting summer shutdowns at the Indian Point nuclear power plant in the New York suburbs. The idea is to protect migrating and spawning fish who might otherwise get sucked into the plant. Indian Point takes 2.5 billion gallons a day from the Hudson River to make steam and cool its two reactors.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices