Several Credit Unions, CIBC, and Tangerine (formerly known as ING Direct) have all offered its customers the option to skip the lineup and deposit cheques from their smartphone. The feature is quite simple to use as the user simply accesses the respected app and takes a pic of the front and back of the cheque for direct deposit.
According to the latest report from NCR Corporation, Canadian have used mobile remote deposit capture (RDC) and deposited over 1,000,000 cheques in the past year. In fact, since RDC became available the feature has doubled every quarter since April 2013. No word on the combined dollar amount of the 1 million cheques – that would be cool to understand the value of the transactions flowing through a mobile device.
“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 of NCR. “Canadians have embraced this technology because it is convenient and secure.”
Apart from this form of mobile banking, Canadians have also embraced paying for small ticket items via their mobile device through the Rogers/CIBC suretap wallet program, or the RBC Wallet initiative.