The United States Patent and Trademark Office has recently published an application from Apple. The proposed document outlines the idea of a crowd-sourced mobile banking solution. The concept is similar in nature to borrowing and lending money from a friend, however now everyone in the Apple network is your friend.

Titled the Ad-hoc Cash Dispensing Network, it works by sending out a message on the networks server requesting a small amount of cash. Members of the network within close proximity then receive a notification of the amount. The system will leverage the use of the GPS system integrated within the mobile electronic device. If the user responds ‘yes’ I am willing to lend you the money, they will exchange locations with the borrower as well as a suitable time to meet. They can then meet up to exchange the money in real-time. When the transferring of money takes place, an account (could potentially be iTunes) is charged the amount plus a small undetermined service fee. The lender is credited with this amount plus half of the service fee. The remaining half will go directly to Apple for providing the service.

People will utilise the system when places do not accept card payments and have no cash, can not locate an ATM or do not have sufficient funds in their account to use an ATM.