The mobile remote deposit capture (RDC) technology has accounted for over 1,000,000 cheque deposits using mobile devices in Canada in a year after the authorities approved the cheque image rule, reported NCR.
The Canadian Payments Association approved the proposal of using mobile phones to deposit cheques in 2013.
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The report from consumer transactions company also revealed that mobile deposits grew two-fold every quarter since Canadian banks commenced the service.
NCR Corporation Global Payments Solutions vice president and general manager Steve Nogalo said while cheques have been used as a form of payment for a long time, the application of a mobile phone puts a modern twist on the process to make depositing a cheque faster and easier.
"Canadians have embraced this technology because it is convenient and secure. NCR continues to find new ways to apply mobile technology to make everyday transactions easier for consumers," added Nogalo.
More than 20 financial services including CIBC, Tangerine and several Central 1 credit unions firms have started offering mobile cheque deposit service to their customers.
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By GlobalDataTo deposit a cheque using a mobile phone, users need to take a photo of the front and back of a cheque using their phone’s camera and forward the image to their bank using the mobile banking app using software from NCR.
