Mobile deposit allows users to make deposits into their accounts by snapping a picture of checks that they have received. Using the bank or credit union app, the user takes a picture of the front and back of the check, and both images, along with the dollar value, are transmitted to the bank.
Mobile check deposit allows you to save time by depositing your checks remotely, no matter where you are or what time of day it is. Instead of making a run to the bank, you can simply snap a picture of the front and back of the check on your smartphone and deposit it using the bank’s mobile app.
What are Mobile Payments?
Mobile payments (which encompass mobile wallets and mobile money transfers) are regulated transactions that take place through your mobile device. That is, instead of paying for stuff with cash, checks, or physical credit cards, mobile payment technology allows you to do so digitally. Instead of paying with cash, check or credit cards, a consumer can use a mobile device to pay for a wide range of services and digital or hard goods.
Types of Mobile Wallets