PayPal Submits New Check-Depositing iPhone App for Approval

Sometime very soon, you’re going to be able to deposit checks to your PayPal account just by taking pictures of them with your iPhone.

We’ve been informed that the new version of its iPhone app has just been submitted to the App Store, and the company expects it to be approved by Apple any minute. The update is significant because it delivers a major new feature: the ability to deposit checks just by taking a picture of the front and the back. Apple’s approval time varies, so you could see the app by tomorrow or it could take up to a week to get into the App Store.

We understand that it takes three or four days before the money appears in your PayPal account. PayPal suggests that you hold onto the check for two weeks or so before you destroy or throw away the original check.

Some banks already have this functionality in their mobile apps; JPMorgan Chase Bank is a well-known example. However, PayPal has far greater reach than any individual bank — it adds 1 million new accounts per month[mashable link].

While the app does come with some other minor bug fixes, the ability to deposit checks is the big feature of this update. We’ve been informed that there will be another big update to the iPhone app during PayPal’s Innovate Developer conference next month with a wave of new features.

[via mashable]

Posted in: Apple