Mar 23, 2013 Dave King
Mobile transactions are generally thought of as taking money out of an account or from prepaid ACH cards to pay bills and make purchases. But there's a growing amount of mobile activity in the other direction.
According to Mitek Systems, its Mobile Deposit system has facilitated an estimated $40 billion in check deposits since the technology was developed in 2007. Millions of Americans regularly deposit checks from their smartphones or tablets by taking a photo of them with a phone or tablet camera.
In addition to putting money into accounts that can be accessed by debit cards and loading funds onto prepaid ACH cards, more than 708 banks and credit unions have been accepting mobile deposits through Mitek.
"Analyst data shows that more than 12 million Americans have deposited checks with mobile deposit and we know that number is growing quickly," said James DeBello, CEO of Mitek San Diego.
SeekingAlpha.com reported that other uses for camera capture technology are likely to be with documents for home healthcare, personal identification, bill paying and correspondence that must be linked to cloud computing.
Mobile deposits are expected to be made by 30 percent of smartphone and tablet users by 2016, Mitek reported. An estimated 15 percent have already begun to make mobile deposits regularly from their devices.