Mobile cheque deposits in Canada pass one million on first anniversary
28 May 2014 | 6374 views | 3
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.