Apple Patent Changes iTunes Users Into ATMs

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Do you often find yourself in a precarious situation of running out of cash? ATM machines are a major hassle, especially when, you don't have one, near to you. It looks like Apple might have a solution to your problems. Their new patent claimed app "ad-hoc cash-dispensing network" allows iTunes users to take cash from other users.

Apple Patent Changes iTunes Users Into ATMs

All you will need to do is launch the app, type in the amount and the app broadcasts your location and request details to everyone else using the app, within the vicinity. Once a user with the cash is located, it notifies his location, so you to go collect the cash from him/her. As soon as the cash is handed over, the amount is debited from your iTunes account and credited to the lender's account.

Lets get down to the business, what does Apple get out of this? Well, Apple will earn 10 percent of the money on every transaction, while the person who lends you the cash will get his money back immediately with an extra amount as a service charge. You've met your creditor, you confirm on your iPhone that the transfer has taken place, it immediately reflects on your iTunes account.

We do not encourage you to forget cash on purpose, as banking on this root might prove a little expensive for you. The service might also have a ratings system attached to it. This will allow you to filter users based on the satisfaction ratings, they have received from other users, over past transactions.

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