Soon you won’t need to be an astronaut to take a trip into space — but you'll still need a way to pay for things. The first Virgin Galactic consumer space flight is set to blast off this Christmas, and the first space hotel, created by a Russian company, is expected to be open for business within the next few years.

While we’ve started to solve problems around how consumers will get to space, and where they’ll stay, one thing that hasn’t been discussed is how you'll pay for things once you get there. How do you pay for a cup of coffee at breakfast when you’re traveling outside the earth's bounds and traditional payment methods don’t work?

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PayPal has become interested in such space payments, and it hopes to solve the problem along with partners like the SETI Institute and other payment companies with a new initiative called PayPal Galactic.

“PayPal Galactic is an initiative that basically starts to increase awareness from the public around what’s going to happen when there’s literally thousands of people up in space.” Anuj Nayar, PayPal’s senior director of communications told Mashable. “The one thing that’s very clear is that you’re not going to using cash in space … there’s not going to be security shuttles picking up notes and change.”

PayPal Galactic is therefore bringing together thought leaders to determine what galactic payments might look like and how to solve basic payment issues when you’re not on earth. Questions like, “How do you do fraud and risk management without an IP address?” are being considered, Nayar says, as well as how to develop customer support so it works both on our planet and off.

Nayar says that there are quite a few big questions when it comes to space payments that need attention both nationally and from technology companies. “This is a huge, audacious goal we’re setting,” he says. “Right now we’re not even sure we know all the questions, let alone the answers.”

When it comes to space, Nayar says, engineers have virtually a blank slate when creating a payment system, giving them the opportunity to build almost anything. Innovation in a space payment system could also ultimately influence how we make and send payments on earth.

PayPal will be officially announcing PayPal Galactic Thursday morning at the SETI Institute in Mountain View, Calif. The event will take place at 9 a.m. PDT, and will include statements by not only PayPal and SETI, but also astronaut Buzz Aldrin.

You can watch the event live here.

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Commercial Space Station

Thumbnail Image Courtesy Flickr, DonkeyHotey