▲ ▼ Difficulties cashing paychecks

banks
money

posted by rgm48 , 933 days ago permalink , show insights

Inspired by this video: https://www.youtube.com/watch?v=Jl-XVqcJA7s

I've noticed many people have trouble cashing their checks on their banks because their processes are very slow and usually leaves to stand in front of long lines. For that reason, going to the bank can be very frustrating to a lot of people going there and therefore, cashing a check can be a nightmarish process for a lot of people.

WHO NEEDS THIS

▲ ▼ rgm48 , 933 days ago permalink

As of now, I don't see any existing solutions. So the best thing to do is to make this process on a mobile application in which you scan in a QR code your check with your phone and it also becomes your personal bank account. It would be a pretty nice idea for people who want to check their money in a quick and easy way. I will check the legal issues that might happen later on, so I want to make sure that the process is supported by the government.

reply I WILL PAY FOR THAT
HOW MANY WILL PAY FOR THIS
▲ ▼ Abishek Muthian Ideator , 930 days ago permalink

The manual nature of cashing cheques itself is the reason for this huge friction, Digital payments have largely reduced this friction by doing away with the cheques altogether.

In India anyone with a bank account can send & receive money through UPI a payment system which generates a unique id using mobile number. Now everyone from street side fruit vendors to stock brokers use this. It's so successful that U.S., European Union and several other countries are bringing their own system to emulate UPI.

Still I think there will be use cases for cheques, especially in business until UPI like system becomes ubiquitous worldwide. Perhaps a way to bridge cashing cheques and UPI like system using QR like you mention could address it.

reply I WILL PAY FOR THAT
HOW MANY WILL PAY FOR THIS