Canadian Mobile ‘Photo Chequing’ Tops 1 Million Deposits, Led by CIBC, Tangerine
Do you deposit cheques at your bank (old school) or do you use your smartphone? According to NCR data, Canadians have made over 1 million ‘photo chequing’ deposits since last year, when the Canadian Payments Association approved mobile remote deposit captures (RDC).
Mobile photo chequing has doubled every quarter since last April when Canadian banks such as CIBC started deploying capabilities within their smartphone apps to customers.
Steve Nogalo, vice president and general manager of Global Payments Solutions, NCR Corporation, said in a statement “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,”
Nogalo says the convenience factor has resulted in the popularity as “Canadians have embraced this technology because it is convenient and secure. NCR continues to find new ways to apply mobile technology to make everyday transactions easier for consumers.”
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. For North America including the U.S., which adopted RDC several years ago, consumer and business clients have deposited more than 100 million cheques using the NCR APTRA Passport for Mobile solution.
Back in the spring of 2012, it was reported Canadian banks were racing to implement photo chequing, but to date only CIBC has made photo chequing available out of the major banks.