Tuesday, February 5, 2013

Cash? Anywhere? Apple has thought about it

On January 31 Apple reported to the office of U.S. patent an idea that could solve the access to cash anywhere: a network for exchange of cash through an application on your iPhone.


It is increasingly common in establishments pay by credit card, but not always possible. Many small businesses do not allow this payment system, and when obtaining cash is a necessity and not have an ATM nearby, this need becomes a major drawback.

After Apple introduced Passbook, many companies jumped on the bandwagon to use this service. But this system is far from becoming an everyday reality, and the lack of NFC technology in the iPhone (for now) has raised questions about Apple engineers about alternatives.

This system of exchange of cash between users from their location could be a solution to that problem.

How would it work?

The process involves three distinct parts: The server (By Apple), a client-applicant and a customer-supplier .

  • A user requests a certain amount of money.
  • The server receives the request and sets the location of customer .
  • The server locates users that are closer and sends the request for cash from customer-supplier .
  • The customer-supplier accepts the request and set a meeting.
  • Both clients ( applicant and supplier ) Meet and confirm their identities through the application.
  • It produces the exchange of money and server charges the applicant the agreed amount through iTunes (plus service fee) and the amount transferred to the customer-supplier instantaneously.

Is it safe?

From my point of view this system of obtaining cash presents some insurmountable problems. From insecurity that involves putting on "notice" to strangers on the availability of cash in a public place, to the distrust of general users to use these applications. Realistically, there are still many people who distrust when paying by credit card online, I imagine it would be much greater reluctance when publicly expose how much carry over then, because someone "maliciously" could take advantage of it.



Technorati Tags: Analysis , cash , money , cash , United States , insecurity , exchange , iphone , Other , patent

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