If all goes well you wouldn’t need to wander miles for ATMs centers and bank for withdrawing cash in extreme conditions in coming future. An patent abstract published in United States Patent & Trademark Office claims that Tech giant Apple Inc. is reportedly planning to develop an app that would let you borrow cash from strangers nearby, making them a virtual ATM for you. The creditor will be paid immediately through your existing iTunes account and the money will be deducted from that with additional fee.
Apple has named this an Ad-hoc cash-dispensing network. In case of necessity of money, you would just need to launch the app and enter the amount how much you need. The app then detects your locations details and displays your request so that everyone else with the app in the vicinity is notified of your requirement.
If someone accepts your request, the app will also guide you to reach the person. After confirming receiving the money, the app transfers the same amount of cash along with a fee from your iTunes account to the creditor’s account.
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The service is convenient no doubt, but comes at a hefty charge. For an amount of USD $50, Apple will charge a service fee of USD $5. Apple gets USD $2 while the assisting person gets USD $3.
Such a service will be helpful in villages where there are no ATMs and Bank networks.