Latin America’s mobile banking and payments pioneer YellowPepper has joined forces with US-based remote deposit capture (RDC) solutions provider, Cachet Financial Solutions, to offer mobile remote deposit capture services for its YEPEX Mobile Banking Network.

Cachet Financial president and CEO, Jeffrey Mack, said: "Latin American consumers are increasingly seeking mobile payment solutions that provide full service capabilities and support, making the region an ideal marketplace for Cachet’s mobile deposit services."

Cachet’s mobile remote deposit capture application, Select Mobile, will allow account holders to initiate mobile deposit capture sessions on their smartphone or tablet.

The mobile banking usage in Latin America is expected to increase over 65% every year until 2015 and the mobile payments industry by that time is expected to be worth over $1trn with the average annual expenditure by user increasing to nearly $1,200, reported Deloitte Consulting Group.

YellowPepper CEO and founder, Serge Elkiner, said that Latin American consumers are increasingly seeking advanced mobile payment solutions that allow them the convenience to purchase goods and services from their mobile phones.

Elkiner added: "By partnering with Cachet, our YEPEX Mobile Banking Network is strengthened to meet our customers’ evolving needs."