Westpac has introduced mobile cheque deposit solution in a bid to streamline cheque processing services.
The move will allow all eligible customers of the Australia-based lender to deposit cheques from their smartphones.
Customers need to upload a picture of both the sides of the cheque in the Westpac app. Following that, they will be cleared in three business days.
The move is driven by Westpac research which found that around 41% of Australians use cheques for payments.
Westpac Consumer Bank CEO George Frazis said: “While cheques have a reputation for being old-fashioned, we still receive more than 30,000 cheques from customers every day.
“We’ve introduced our Mobile Cheque Deposit feature to offer customers even more choice and convenience in how they do their banking.
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“Now, more customers will have the capability to deposit their cheque via smartphone, as well as the option of heading into a branch or visiting one of our smart ATMs.”
Currently, the service is available for more than 1.65 million Westpac customers, with more to be included every week.
All iPhone and Android phone users with the latest version of the Westpac app installed can use this service.
Initially, they can deposit up to A$1,000 within a seven day timeframe using Mobile Cheque Deposit.