PayPal Inc. said its new mobile remote deposit capture feature is a hit among its mobile app users.
The feature was added to the eBay Inc. unit's iPhone app on Oct. 5, and within 36 hours PayPal said it had received $100,000 in check deposits. The app, which allows consumers to deposit checks by photographing them with the phone's built-in camera, is the only way to directly put funds into a PayPal account by paper check (see story).
"We knew that this would be popular but we had no idea just how much pent-up demand there was for a quick, easy way to deal with checks," Laura Chambers, PayPal's senior director of mobile, wrote on PayPal's blog.
PayPal's app also has features for requesting funds through e-mail and for executing transactions by bumping two phones together while they are running the app. The prior update to PayPal's app, released six weeks ago, allowed users to make donations from their phones.