News: PayPal gets cheque application

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PayPal gets cheque application

By Tom Manners 8 October 2010 | Categories: news

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In a bid to become more accessible to mobile users, international online payment operator PayPal has announced an iPhone application which will allow account holders to deposit cheques.

The application, which is now available, asks users to capture images of the back and front of their cheques in order to deposit them. These are then uploaded to the PayPal infrastructure and deposited into the user’s account.

When the funds show up in a user’s PayPal balance, the money can be transferred to a land based bank account.

According to Osama Bedier, PayPal's vice president of platform, mobile and new ventures, the application cleared $100 000 (R700 000) worth of cheques in the first 36 hours it was available.

At present it is unkown whether this feature will be rolled out for South Africa users. In March, FNB announced a partnership with PayPal to legally bring the service to South Africa. Thus far the group has confirmed that the service has been popular amongst its customers.

TAGS:

paypal. iphone

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