Saturday, 2 February 2013
New Apple patent lets iTunes users become ATMs
Posted on 02:57 by Maria Scott
A new patent application by Apple, filed
in 2011 and published yesterday, introduces a service that could let
iTunes users take cash from other users. The service is referred to as
an “ad-hoc cash-dispensing network” by Apple in the patent and was
spotted by New Scientist.
The patent document explains how the service works: an iTunes
user can log into an app and input the amount of cash he wants, and the
app will use his location to see if there are other users around who
have the cash. Once a user with cash is located and the cash is handed
over, the amount is debited from the credit card of the person who
requested the cash (since the credit card will be associated with his
iTunes account) and credited to the card of the person giving out the
cash.
An iTunes user will be incentivised to
make himself available to give out cash since along with getting back
the amount he gave out in cash, the user will also earn an extra amount
as a service charge. Apple will also earn 10% of the transaction value,
in every transaction.
The patent document further explains
that users involved in this service will be rated by other users, and
users with low ratings will be weeded out.
Source: http://www.thinkdigit.com/Mobiles-PDAs/New-Apple-patent-lets-iTunes-users-become_13311.html
Source: http://www.thinkdigit.com/Mobiles-PDAs/New-Apple-patent-lets-iTunes-users-become_13311.html
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