According to TechCrunch report, Apple has launched a new app update or iPhone that will allow PayPal users to check their deposits through their handset. The new app will allow iPhone users to easily deposit checks simply by taking its picture.
PayPal, owned by eBay, a subsidiary of the largest online market eBay, launched their PayPal application for the iPhone back when the app store first opened in 2008 and since then the compony have provided numerous updates to make money transfer efficiently and safe. Now users only need to take a picture of the front and back of a check with their iPhone’s camera and it will be added to their PayPal account.
This isn’t the first time we’ve seen mobile check depositing. This feature is widely used by Chase, Bank of America, CitiBank. The only exiting thing is that it is offered not by a traditional institution, but by internet-only Apple iOS app. Earlier USAA also used iPhone app for the same service.
According to PayPal this concept came to them after dramatic 9/11 tragedy. That time roughly all US financial institutions were almost down due to heavy use. After that tragedy the US government rendered its approval to that that will allow the present technology as a part of financial system.