Last month, we noted that PayPal would soon launch a new version of their iPhone app that would be more check-friendly. That app should be released in the next day or so, PayPal’s Laura Chambers revealed on stage today at our TechCrunch Disrupt conference in San Francisco.
On a panel alongside Keith Rabois from Square and Holger Luedorf from Foursquare, Chambers said that this new app will allow you to take a picture of the front and back of a check with your iPhone camera, and it will be added to your PayPal balance.
Such functionality has been explored by some banks already, and it’s a very useful technology. Chambers notes that the ability to do this actually stemmed from the terrorist attacks of 9/11 nine years ago when much of the infrastructure of the U.S. was either shut down on purpose or was struggling under the weight of demand. The U.S. then started to pass legislation to make things like this possible. Such a system allows you to easily transfer money under a variety of situations, obviously.
Of course, as Rabois noted, Square is trying to go one level beyond that and get rid of checks entirely. That would be even more convenient.
PayPal is an online payments and money transfer service that allows you to send money via email, phone, text message or Skype. They offer products to both individuals and businesses alike, including online vendors, auction sites and corporate users. PayPal connects effortlessly to bank accounts and credit cards. PayPal Mobile is one of PayPal’s newest products. It allows you to send payments by text message or by using PayPal’s mobile browser. PayPal created the Gausebeck-Levchin test, which is an implementation...