Last week, we informed you that an update to PayPal app on iPhone would soon allow you to capture (front and back side) photographs of your check to deposit it instantly. That update has been released today!
From the app’s official page:
Use the PayPal app to send money to your friends and family, add a check to your PayPal account, and lots more. It’s faster and easier than going to the ATM, writing checks, or sending gifts the traditional way. You can even use it to manage your PayPal account – anytime, anywhere.
• Easily send cash gifts, collect money for a group gift, or repay a friend.
• Have fun and use the “Bump” feature to exchange contacts or send money.
• Give back and donate to a charity, you can also post it on Facebook.
• Stay connected with your money. Check your PayPal balance, withdraw funds, request money, and more.
Don’t have a PayPal account? It’s quick, easy, and free to sign up for one at paypal.com.
What’s New in Version 2.7
• Check capture lets you snap a photo of a check and the amount gets added to your PayPal account
• History improvements make it easier to find past transactions with new search and filter options
There are a couple of limitations though: you can only deposit $1,000 per check and $3,000 per month; so this really doesn’t fully replace check-depositing. If you want to deposit large sums of money, you’ll still have to painstakingly go to the bank and deposit it yourself. This is a limitation on PayPal’s side and not the app’s fault.
Be sure to update to the latest version of PayPal for iPhone to make use of this feature.
Download PayPal for iPhone, iPod touch and iPad [iTunes Link]