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Chase releases both P2P and mobile Remote Deposit

2010 July 19
JP Morgan Chase P2P Mobile Payments

Chase P2P Mobile Payments

JP Morgan Chase upped the ante in the big bank mobile banking feature fight.

In their July 1 release, Chase delivered both person-to-person payment capabilities (QuickPay) and mobile remote deposit capture (QuickDeposit).

USAA is the only other major bank with mobile remote deposit capture live. USAA recently announced that mobile remote deposit capture now accounts for 35% of all deposits after one year of service.

Chase’s decisive move into remote deposit signals that the feature provides opportunities to traditional brick-and-mortar banks and not just branchless banks like USAA (which has just one branch at their headquarters).

Bank of America also has announced it will have an offering. These features will likely be table stakes by the end of next year.

Jim Bruene at Netbanker reviewed the Remote Deposit feature but couldn’t get it to work. My guess is that camera on his older iPhone made it difficult to capture a readable image. Newer iPhones have solved this problem, older phones are notorious for not working well with apps like bar code scanners, etc.

As a credit card only customer, I was pleased I could log in and use the app. Not surprisingly, QuickDeposit wasn’t an option for me. I was again pleasantly surprised to see QuickPay as an option. QuickPay wouldn’t let me use my Chase credit card, but prompted me to connect QuickPay to an external account. I connected my QuckPay account to a bank account at BB&T and successfully performed all the necessary validations.

Unfortunately, when I tried to make a payment, it wouldn’t go through because “neither the Pay From nor Pay To account is a Chase checking or asset management account.”

The app must be working well for many people. The App Store rating is currently an excellent 4 stars with 940 ratings of this version so far. Looking through the reviews there were plenty of comments speculating on which customers are supported. Looking back over the App Store description and Chase’s web site, I didn’t see clear indications of exact eligibility for the various functionality.

Chase could have more clearly articulated who can use these features and what equipment is supported.

I give Chase points for aggressively moving mobile banking forward. Their entrance is likely to accelerate efforts already underway, and encourage institutions not yet considering mobile remote deposit capture and/or P2P payments to do so.

One of the risks of first mover status is oversights from rushing to market. Chase took a swing and at least hit a triple.

Full Disclosure: I own a small amount of stock in JP Morgan Chase and BofA. I also have accounts with all the institutions listed here.

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