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Todd Ablowitz, payment consultant and president of the Double Diamond Group, suggests that PayPal’s check-capture-smartphone move—which puts it following financial old-timers including Chase Manhattan and USAA—makes it not such an upstart after all.

“The new PayPal mobile deposit product is interesting because it furthers PayPal toward being a bank-like entity. It sounds very exciting: I can just snap a pic of a check I want to deposit and, whammo!, it’s in my account,” Ablowitz said, adding that there’s “a catch. The funds don’t go right in my account. It takes three to five days to go in my account. Three to five days to get my money? Ouch! Why would I use that? PayPal, come back to me when I can get my money right away.”

StoreFrontBackTalk, October 14, 2010