Visa Launches Mobile Check Cashing with Chexar

by Mercator Advisory Group 0

Visa Inc. and Chexar Networks Inc. announced that they will work together to let prepaid card holders use their mobile devices to deposit checks. The companies plan to make the service available to cardholders later this year.

From Visa’s press release:

Initially, the platform will enable millions of Visa prepaid users to deposit paper checks to their reloadable Visa prepaid card using their mobile device, by simply snapping a photo of a paper check. Powered by Chexar’s technology, including its remote deposit capture platform, the service provides Visa cardholders with immediate access to funds on their Visa prepaid card, enhancing convenience and security and reducing costs for consumers. Later this year, new and existing prepaid cardholders with RushCard, AccountNow and Plastyc, as well as select FSV Payment Systems cardholders, will be able to enroll their Visa prepaid card, and immediately begin making remote deposits.

The move is significant because it provides a way for people without bank accounts to electronically deposit checks, and it helps prepaid card program managers offer convenience and compete with banks and check cashers. While fraud remains a risk with mobile deposit capture, companies such as Chexar continue to refine fraud prevention models that will make this technology increasingly ubiquitous.

Click here to read more from Visa.