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PayPal, SETI Developing Intergalactic Payment System

How can people transact business in space? PayPal Galactic is a new initiative designed to answer the question. PayPal, an online money-transfer company, is working toward developing a currency that global companies planning space outposts could easily use to transact business in space. Tourists into space, for example, may need the currency to pay for paying a bill or transferring money to someone back on Earth. A key part of the project is to devise what this payment system might look like. SETI will play a key role in answering those questions and bringing its expertise in space exploration to the project. The endeavor is expected to require various collaborations between technology firms, financial and space experts, and government agencies. The project is part of a growing interest in the commercialization of space travel. Virgin Galactic plans its inaugural consumer space flight in December 2013, and Orbital Technologies says it will open the first space hotel which is in 2016. (Mashable)(ABC News)( Galactic)

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