01 October 2014

Mobile cheque deposits in Canada pass one million on first anniversary

28 May 2014  |  4107 views  |  1 cheque

Canadian consumers have used their mobile phones to deposit over a million paper cheques in the year since the technology was first introduced by the nation's banks.

The Canadian Payments Association approved the cheque image rule last year to allow for mobile remote deposit capture (RDC).

According to data compiled by NCR, mobile deposits have doubled every quarter since April 2013 when Canadian banks began deploying to their customers.

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.

The UK government is currently consulting on plans to enable the nation's banks to use the technology from early next year.

Comments: (1)

Tony Wenzel - Stratacache - New York | 30 May, 2014, 14:12

Even though retail banks in Canada derive 70% or more of their profit from branches, I'm amazed it is not millions per month yet.

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