$1 M Deposited in Checks by Paypal App via iPhone

By Chandrajit, Gaea News Network
Friday, October 8, 2010

NEW YORK (GaeaTimes.com) — The latest app from Paypal was introduced a few moments ago. The check depositing app for iPhone was introduced which turned out to be a big hit in the market. Within a short time around checks of 1M were already received by the company.

This big hit is surely due to the hassle that people had to take to deposit their checks. Now, they can do it easily without going to any bank.

We knew that this would be popular but we had no idea just how much pent up demand there was for a quick, easy way to deal with checks

, says Laura Chambers, the Senior Director at Paypal.

The Mobile check app was introduces in version 2.7 of paypal app and now users would find an option to “Add Money from Checks” in the tools section in the Paypal app. They have to agree to the Terms and Conditions and the user can simply take a electronic photo of the check’s front and back. The funds are directly deposited to their Paypal Accounts.

Although, Paypal was not the first company to introduce such a feature, still they have seen the a better success rate. It is only due to the huge popularity of Paypal and its platform. Paypal being a well known and widely accepted payment platform at most online transactions, people have found the check deposit feature to be more convenient with Paypal.

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