Canadians are quickly embracing mobile deposit technology, according to transaction technology firm, NCR Corp.
The firm reports that Canadians have deposited more than 1 million cheques via mobile phone since the Canadian Payments Association (CPA) approved a rule last year to allow for mobile remote deposit capture technology. Bank customers can now deposit cheques through mobile banking apps by taking photos of a cheque using their phone’s camera, with that image then processed and cleared in the same way as a physical cheque.
NCR says that mobile deposits have doubled every quarter since April 2013 when Canadian banks began deploying this option to their customers. Led by CIBC, Tangerine and several Central 1 credit unions, more than 20 financial institutions in Canada are now offering mobile cheque deposit to their customers, it adds.
“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,” said Steve Nogalo, vice president and general manager of global payments solutions at NCR. “Canadians have embraced this technology because it is convenient and secure.”