Apple patent could convert iTunes into crowd-sourced ATM

Apple is working on a new system that could iTunes into a potential crowd-sourced ATM. According the patent which was filed in 2011, and can be viewed here, the system works on location based requests issued by users who don’t have access to an ATM. The patent reads,

An ad-hoc cash-dispensing network that allows users to efficiently exchange cash is provided. The ad-hoc cash-dispensing network includes a cash-dispensing server, a network, and a plurality of client terminals that connect to the cash-dispending server through the network. The user of a client terminal sends a request for cash to the cash-dispensing server. The request for cash includes the location of the client terminal. Based on this location, the cash-dispensing server locates one or more other users that are close/proximate to the requesting user and verifies that at least one of these proximate users is willing and able to provide the requested amount of cash. Following the transfer of cash between the parties, the requesting user’s account is charged for the service while the providing user’s account is credited

[caption id=“attachment_610270” align=“alignleft” width=“380”]  The Apple logo is seen in this file photo. AP[/caption] Simply put, the system could allow users to send cash requests via their iPhones, iPads or Macs devices if you don’t have an ATM nearby. Based on the requesting person’s location, anyone else who is close by and is willing to lend them the money could contact them and to give them the money. iTunes would charge the requesting user service fee and debit the amount requested from their account to that of the lender. Sounds like a pretty simple system with a pretty powerful idea behind it, and one that could convert iTunes into a bank.