Apple has filed a patent (number 20130031009) with the U.S. Patent & Trademark Office for an ad-hoc cash dispensing network. It would allow users to efficiently exchange cash.
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 for the service.
Here’s Apple’s background on the invention: “An embodiment of the invention generally relates to a system and method for transferring cash between users of an ad-hoc cash-dispensing network. Other embodiments are also described.
“Most businesses accept payment through credit, check, or other forms of non-direct cash payments. There are many benefits for consumers to use credit cards and checks in contrast to paying directly with cash. For example, credit cards offer rewards programs, fraud/theft protection, extended warranties on products purchased, etc. The proliferation of credit cards, checks, and other forms of non-direct cash payments has resulted in many people not carrying any cash or very small quantities of cash in their everyday lives.
“However, there are often situations where cash payments are necessary. For example, some smaller businesses do not accept payment with credit cards because of the charges the proprietor of the business must pay to the credit card companies. Accordingly, there is a need for a cash-dispensing network that allows users to exchange cash as needed.”
The inventors are Arjun Kapoor, Nir Wakrat and Anthony Fai.