PayPal is one of the most popular services around the world and reports show that it’s attracting 1 million new users every month. Now PayPal is becoming even more user friendly for all iPhone owners as it has submitted its Check depositing app via photos for approval to the Apple App Store. The approval is expected to come through as soon as tomorrow and the app may make an appearance in a couple of days for you to download.
The app will allow users to take photos of the front and back of their checks with their iPhones to deposit money in their PayPal accounts. Usually it takes about three to four days for the money to appear in your account so PayPal suggests that users should hold onto their checks for at least 2 weeks before they tear or throw them away.
The service is not new as several US Banks offer this facility, e.g JP Morgan and Chase but PayPal has a far greater reach than any bank in the world and with the iPhone becoming popular worldwide in big markets like China, this service is sure to see a huge user base.
The app is also bringing some bug fixes and improvements which were reported in its older version but of course the biggest change is the check depositing facility. PayPal is also expected to introduce another big update to the app at their Innovate Developer Conference next month.
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