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  • Deposit Checks to PayPal by Taking iPhone Pics


    Version 2.7 of PayPal's iPhone app has added a the capability of depositing a check by taking a picture of it with your phone: no trip to the ATM. Of course, the check ends up in your PayPal account, not your bank account, and will take up to a week to process. Still, given how many sites - and increasingly, real-world stores - accept PayPal, this is a major step forward in making your iPhone your wallet.

    You sign the check as you normally do, then take a picture of the front and the back with your phone. The app uses the images to submit the check wirelessly to the same clearing process used in scanner-equipped ATMs, and after it clears it is added to your PayPal balance without any fees being taken out for the service. PayPal says to hang onto your physical check for two weeks, though… just in case. “Our concept is that you basically carry around access to your wallet in your phone,” PayPal’s vice president of platform and mobile Osama Bedier told the Wall Street Journal. “The mobile phone is the first computer that lets you take the Internet with you,” he added. PayPal has been working hard to add flexibility to their iPhone app: ever since 2.0 you've been able to transfer money to another PayPal user by bumping phones: the accelerometer registers the bump and sends it to PayPal's server, which verifies the other phone by comparing the time and the GPS locations of the two devices.

    The basic idea is not a new one: USAA has had a similar app for over a year ago, and Chase recently rolled out their own. USAA, which doesn't have real-world locations, also allows you to scan checks from home and submit them over the Internet. However, PayPal's size and reach means that a lot more people will be able to take advantage of this payment system, which will spread acceptance of the idea of getting paid, as well as paying, through your iPhone.

    PayPal's Bedier also told the Journal that they are looking at replacing all kinds of transactions with smartphone apps, like avoiding the need to type in your sixteen-digit credit card number every time you want to make a purchase. "Consumers hate entering things into phones," he said, and so PayPal is looking at a way to use the camera to scan in your number and expiration date so that you can add to your account balance or make a payment through PayPal. "The camera is a great way to avoid the text entry process," he said.

    Source: Mashable
    This article was originally published in forum thread: Deposit Checks to PayPal by Taking iPhone Pics started by Paul Daniel Ash View original post
    Comments 43 Comments
    1. Aliquippakid's Avatar
      Aliquippakid -
      If people have a balance of 1800 on a paypal acct alone I need a new job... That better be linked through a bank or photshopped...
    1. n00neimp0rtant's Avatar
      n00neimp0rtant -
      I will be prompty canceling my direct deposit. =P

      Oh yeah also--so I guess you just shred the check after it clears?
    1. sziklassy's Avatar
      sziklassy -
      Quote Originally Posted by slavipz View Post
      I understand. You can all read what happened to me righ here in this tread: Beware I just got conned on ebay

      It is really a shame!
      Just based on the information you provided in the thread, it looks like you requested a chargeback before letting paypal resolve your issues. Of course paypal is going to think you are the scammer here. Give ebay/paypal time to finish the case. If you go and sh%^ the bed and start doing funds reversals on your credit card there is no case and paypal has no reason to deal with you further. Reverse funds only if paypal decides your case unfairly.