If an iPhone user with the app installed discovered that they needed money but happened to be in a location bereft of ATMs or establishments that accept payment via card, they would make a request for cash via the app. The app, via a server, would send this request to other iPhone users in the immediate vicinity who could agree or decline to lend the amount of money required and arrange a place to meet.
The borrower would repay the stranger's kindenss via their iTunes account. The system is designed for small amounts -- for example up to $50 -- and while a very interesting idea on paper and in patent request form, whether or not such a feature would work in the real world is anybody's guess. But a noble idea, based on the belief that no one is evil, all the same.