PayPal check scanning tallies $100K in 36 hours
PayPal has updated its iPhone app to allow people to deposit checks with the help of their smartphones. Many are apparently eager to give it a try.
More than $100,000 worth of checks got deposited through PayPal's mobile check-capture service in its first 36 hours, the company announced.
"We knew that this would be popular, but we had no idea how much pent up demand there was...," a PayPal spokeswoman wrote on the company's blog yesterday.
PayPal's iPhone app, which was updated with the, lets people take a picture of a check and have that amount deposited into their PayPal account at no charge. The service requires people to hold onto checks for 15 days to allow them to clear, but PayPal says that the time it takes to get the funds into the account is "about six days."
PayPal's decision to offer check-scanning is nothing new--USAA and Chase already have the feature--but its popularity in the company's app is notable. That said, those who have deposited their checks into PayPal haven't gone through the entire 15-day process. If the deposits work without a hitch, PayPal could have a winner on its hands. If users have trouble with it post-scan, all this fanfare could be for nothing.