From the Credit Union Times:
At a time when it seems like every space that could support an ATM already has one, Apple has filed a patent application for a network which it calls an “Ad-Hoc Cash Dispensing Network” which would compete with ATMs by providing cash to people distant from an ATM. The July 2011 application only came to light on the U.S. Patent and Trademark Office website on Wednesday.
The patent envisions Apple acting, in effect, as a deposit taker, something it already does since it allows consumers to keep money in their consumer accounts to purchase music on iTunes and make other purchases.
Using an app that the consumer would download for their iPhone or iPad consumers would let others know they have a cash need through request providing details of how much they want to borrow and their location, via GPS.
While this patent filing likely is a common occurrence for companies such as Apple to protect its technology and intellectual property, such moves can provide a glimpse into possible market opportunities for the company, and for the broader industry as well.
As banking and payments systems evolve over time, various scenarios based on potential alternatives and substitutes for such services in the future will likely emerge. This might offer a glimpse into new or expanded market opportunities in the market, and warrants awareness and analysis by financial institutions and vendors alike.
Click here to read more from the Credit Union Times.
