PayPal for many is already a source of our day-to-day activities, and that was made even simpler with various PayPal functionality being brought on to the smartphone front. You can already use it to pay for apps, but now you will be able to pay a cheque into your bank account just by taking a photo on your iPhone.
Seems a tiny bit strange, but the way this works is that when you receive your cheque, you can take a photo of the front and back then send this to PayPal to deposit it in your account, all according to PayPal exec Laura Chambers.
It is not clear whether or not this service will be made readily available to all smartphones with iOs, Android and BlackBerry OS, as the only phone to be mentioned was indeed Apple’s iPhone.
This service is already taking place and accepted by some banks, but this addition to the PayPal arsenal strengthens an already strong grip on the market.
One thing to note though, I am already sceptical about paying for things without directly handing cash over to whoever it may be, online transactions are already done by some with caution, but taking photos of cheques and sending them in to be cashed will take some getting used to.
Are you a PayPal customer that would use this service?