Forget digital wallet. Apple wants to turn YOU into an ATM via ad-hoc cash dispensing network
While Google, wireless carriers, Paypal and everyone else is working to turn your smartphone into a digital wallet, Apple has an even more interesting idea about money exchange.
Apple would like to turn you and other people around you with iOS device, into a mobile ATM.
The basic idea, described in a patent application “Ad-hoc cash dispensing network” is pretty simple. Create a cash dispensing server at Apple’s datacenter, to which iPhones, iPads and Macs can connect via a specialized app. Need some quick cash right now and there’s no ATM around? Launch the Cash app, and tell it how much do you need. The app picks up your location, and sends the request for cash to nearby iPhone users. When someone agrees to front you $20, his location is shown to you on the map. You go to that person, pick up the bill and confirm the transaction on your iPhone. $20 plus a small service fee is deducted from your iTunes account and deposited to the guy who gave you the cash.
I am not sure how easy it would be to implement such thing in real life and what kind of regulations apply, but I really like the idea. And would love to see it in the next version of iOS.