on introducing digital payment of cheques via cell phones. Gone will
be the days that depositing money, to an individuals bank account took
at least six days.The ease and speed of wiring the money to a person's
or business account will take less than a maximum of two days.
Welcome to what is perceived as an era and generation moving into
totally paperless banking.It is an analysts bet that as time goes by,
more forms of using paper to cash or withdraw money will be put an
end.Take for example, depositing fees into a student's school
account.It is done directly.Paper cheques are used as means to
justify/evidence of activity in a person's bank account.
Barclays is planning on introducing mobile cheque paymenys via taking
photos.The photos will not be stored in the phone's memory directly in
case a thief steals it.However,this mode of transaction will not be
available till late of 2014.The pilot test is expected in April 2014.
The UK is expected to pass a law on thisnew mobile technique in order
to improve banking services.Research shows that more people especially
youths are moving into electronic banking as a means of transaction.It
coincides also with the trend in which bakks are closing their
branches to minimise costs as less people visit branches.