Apple could be planning to roll out a system that would let iPhone users lend small amounts of cash to each other on a person-to-person basis, a key step toward a mobile payments future that experts say is coming.
According to an application with the U.S. patent office that was made public last week, the Cupertino, Calif.-based technology company wants to patent something it's calling an "ad-hoc cash dispensing network."
According to the filing, the system would allow an iPhone user who finds himself or herself without cash to essentially place an order for a certain amount of cash, and add a timeframe and location, and see if anyone is willing to provide money in exchange for a small fee.
Read more: Apple plans mobile to mobile cash loans - Business - CBC News
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