Apple aims to turn strangers into ATMs

(REUTERS/Robert Galbraith)

(REUTERS/Robert Galbraith)

QMI Agency

, Last Updated: 2:00 AM ET

Got lots of cash and want to let nearby strangers know all about it? There's an app for that.

Or, at least there will be, if Apple follows through with plans detailed in a new patent application.

The idea is this: You're out and about and you need cold, hard cash. The nearest ATM is far away. So you tell your app how much you need and it finds cash-flushed iPhone users nearby. You meet up, they fork over the cash, and Apple takes money from your bank account and transfers it to the lender.

The lender gets paid back instantly, and with a small profit, because the borrower pays a small service fee, which gets split between Apple and the person who doled out the dough.

"There are often situations where cash payments are necessary," reads the patent application. "Accordingly, there is a need for a cash-dispensing network that allows users to exchange cash as needed."


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