Ever faced with a situation when you’re in a desperate need of cash and there are no ATMs in sight? A patent filed by Apple in 2011 and published recently could literally make the ATM walk to you with the cash. The service as reported by New Scientist, is an ‘ad-hoc cash-dispensing network’ let’s iTunes users take cash from other users.
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When in need of cash you launch the app and type in how much cash you require. The app then uses your location details and broadcasts your request so that everyone else with the app in the vicinity is notified of your request. Once a user with cash is located and the cash is handed over, the amount is debited from the credit card of the person who requested the cash and credited to the card of the person giving out the cash. Also Read - Apple iTunes finally available on Microsoft Store for Windows 10
How will this app benefit Apple or the person giving you cash, you ask? Apple will earn 10 percent of the money on every transaction, while the person who gives you the cash will get his money back immediately and an extra amount as a service charge.
The app will also allow users to rate lenders who are involved in the service so as to ensure the people with low ratings are not allowed to use the service any further.