iATM from Apple?

by on February 1st, 2013

Apple has applied for the patent rights of an application, wherein a stranger can become your ATM. The concept is still though in initial stages and if made into reality could bring a revolution in the field of digital money.

Apple iATM

Apple iATM
Source: speakage.com

Users who install this app can reach out to any of the other users in the vicinity. So that way, one can establish contact with strangers.

Users can seek for some money from the stranger. The lender will get the money back into his iTunes account with little extra amount as tip. This tip is provided as an incentive to the volunteer. Users who utilise this app would be charged a total amount which would include the actual money plus the tip and the Apple service charges. Apple would collect that total amt from the user’s iTunes account. That way, iTunes becomes the interface between the seeker and volunteer.

Though the info regarding how the transfers would exactly take place has not been divulged it is expected that apple could be open for a partner to collaborate with.

This app could be more useful in the cases when you forget your wallet. And with an iPhone in your pocket anything is possible. If the service charges are maintained at a moderate percent, the app is expected to change the ways we carry transactions in near future.