Paypal is about to release a new version of its iPhone app that will allow users to deposit checks simply by taking its picture.
It’s a killer idea and super convenient. Just take a picture of the front and back of a check with your iPhone’s camera, and it will be added to your PayPal account. The new version of the Paypal app will be released in the next day or so, PayPal’s Laura Chambers revealed on Wed. at the TechCrunch Disrupt conference in San Francisco.
Depositing checks by cell phone camera has been implemented by a couple of banks already. USAA Bank was the first to launch mobile depositing capability, followed by Chase. Citibank and Bank of America have similar systems in the works..