Paypal and iPhone joint venture

10 Oct

Being back to graduate schoolafter 5-6 years of being in the industry, I realised how technology has better served the school system. Stuff like Supersearch on the University of Melbourne library system is really useful when I want to access ejournals to find out what other academics are writing about a certain topic (access for current staff and students only). Hard copy documents are typically image-scanned and archived on backup systems online.

Image scanners these days are able to detect texts and allow readers to copy and paste text easily from a scanned document. This means that the scanner doesn’t just read images but is able to convert the image into a text document. This was certainly not the case when mass consumer-targeted scanners were first released into the market in the 1990s.

Paypal has taken that one step further with its launch of an iPhone app just this Wednesday that allows people to take images of checks and credit them into their Paypal accounts.

Photo source: Getty Images

The popularity of this app is evident. Within 36 hours of its launch, $100k worth of checks have already been credited into people’s Paypal accounts.

Sometimes I get amazed by what Americans do – their ideas are wild yet applicable. The black hat part of me will be concerned about security issues (what if people edit images to change check numbers?) and privacy issues but they tend to have that all sorted out.

In any case, I am certainly looking forward to trying out this new technology when it hits closer to home, since it’s currently only available to U.S. residents.

 

 

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2 Responses to “Paypal and iPhone joint venture”

  1. jumpingatshadows October 13, 2010 at 12:41 am #

    It always surprises me that in the US they still seem to use cheques so frequently. I would have thought electronic transfer of funds would have taken over as the main form of payments. I see cheques used on US TV shows & movies & have never quite understood how they work over there. “Canceled checks” in the US means the cheque has been approved by the bank in the US, whereas here it means the originator has cancelled it or put a stop on it.
    Tanya

    • makiecostories October 17, 2010 at 11:33 am #

      I know that sometimes it’s harder to bridge the gap between rural and urban when a country is huge. Perhaps that is what US is facing, hence still retaining a checking system.

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