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 applicationAd-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.

Apple ad hoc cash network

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.

Author: Stasys Bielinis

While I like to play with the latest gadgets, I am even more interested in broad technology trends. With mobile now taking over the world - following the latest technology news, looking for insights, sharing and discussing them with passionate audience - it's hard to imagine a better place for me to be. You can find me on Twitter as @UVStaska'

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  • Stocklone

    I would’ve posted it on the original article but you can’t comment on that anymore.

    Staska (October 24 2012):
    “My argument in this article was was that Apple will keep at least 50% iPad marketshare at least until 2015.”

    IDC: http://www.engadget.com/2013/01/31/idc-ipad-still-dominates-tablet-market-q4-2012/

    43.6% in 4th quarter of 2012. 2015? Not so much. :)

  • Nigeria2009

    Old news!!! Already about to implement this in a product called Gboza!