Mobile Deposit Usage Soars in Canada
Canadians have used their mobile phone to deposit more than one million cheques since the Canadian Payments Association approved the cheque image rule last year to allow for mobile remote deposit capture (RDC), according to data from NCR Corporation. The company’s statistics show that mobile deposits have actually doubled every quarter since April 2013 when Canadian banks began deploying to their customers.
“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, vice president and general manager of Global Payments Solutions at NCR Corporation. “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 US, which adopted RDC several years ago, consumer and business clients have deposited more than 100 million cheques just using NCR’s APTRA Passport for Mobile solution alone.