We all know how to buy things in cyberspace, but how on earth do we go about doing business in outer space? The answer to this problem could well be something we’re already familiar with, for PayPal thinks it already has the solution. Stating its belief that mankind is on the threshold of a new era where space tourism becomes commonplace, the payment processor has just announced a new initiative to explore how we “tackle payments in space.”

PayPal, which is set to launch its “PayPal Galatic” initiative at a special event in Mountain View, California later today, actually insists on its website that there already exists “the need for a payment system off Earth,” pointing to astronauts living on the International Space Station who still need a way of taking care of life’s essentials – you know, electricity bills, the rent, online entertainment and so on – whilst living in zero G.

That claim isn’t strictly true – I’m pretty sure that Chris Hadfield’s other half took care of the essentials while he was in orbit earlier this year – but if he happens to be one of those guys who looks after the household finances himself, he might’ve found PayPal’s solution appealing.

Intergalactic Payments?

If you’re starting to think that PayPal is losing the plot, you’ll be surprised to learn that it’s not alone in its wacky, spaced-out adventure – somehow, it’s managed to rope in the Space Tourism Society. And the SETI Institute. And even Buzz Aldrin himself, the second man to ever set foot on the moon.

“The enabling infrastructure pieces are starting to come together, and as we start planning to inhabit other planets, the practical realities of life still need to be addressed,” PayPal says in its release.

“The time has now come for us to start planning for the future. It is our intention to make PayPal the leading resource to address the challenges that these new and exciting times present. We want to be not only the world’s most loved way to pay but also the preferred money transfer system off Earth – in space and between space and Earth.”

Buzz Aldrin states his belief that humanity is on the cusp of finally colonizing outer space, and that when we do so, astronauts will need as many Earthly comforts as it’s possible to provide, including a method of paying for stuff:

“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.”

We should add that PayPal Galatic isn’t a viable service yet, it’s merely an initiative that’s been set up to try and overcome the problems presented by off-world transactions. Along with the SETI Institute and all the over loons it’s press-ganged into the endeavor, PayPal aims to solve a number of “big questions around the commercialization of space,” which 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?

According to PayPal, “creating a secure and functional commerce system capable of operating in space at scale will not be easy” (no kidding). However, it claims that with the support of the scientific community and other technology players, it believes it can come up with solutions to address the challenges that off-world debt settling will inevitably pose.

CNN Money’s Kacy Belew has already come up with one proposed solution that’ll take care of the technical side of Moon-to-Earth payments:

Simple, huh?

But even now, I’m not entirely sure how serious this venture can be – to me it stinks of some kind of wacky PR stunt. I’m pretty sure that most astronauts living it up on Mars or the Moon will be more concerned with just staying alive than paying their gas bill. But then again, PayPal already has quite a strong link to the space race – lest we forget that its founder Elon Musk is now leading the charge to the stars with his private space transport company Space X, so maybe there’s a few grains of truth to what it’s saying.

In any case, if you’re interested feel free to take a look at the video below, with more details on its ground-breaking initiative.