Foursquare has collaborated with Visa and Mastercard for a new revenue stream. The location-based marketing company is offering users to claim discounts with participating retailers when checking-in. The deal is similar to the relationship they have had with American Express for the past two years. The first deal is debuting today at 8,000 Burger Kings in the United States.
Foursquare will earn a commission when a user checks-in and redeems an offer using their Visa, Mastercard or American Express. According to Noah Weiss, Product Manager at Foursquare, “This is going to be a pretty core part of our revenue model going forward.” The first deal for all three credit cards will be today at Burger King. When a user visits a Burger King, checks-in and spends a least $10, they will receive a $1 discount.
To promote the offers, Foursquare will continue to make them more prominent within the mobile application. Users will be able to view in their profiles what cards they synchronized and the lifetime savings they have earned. Overtime, more retailers will be added and influencing users to continue using the location-based mobile application.
As for South Florida, there is no word on which (if any) will be offering this deal. In the comments below, what is your opinion about the new partnership? Will this influence you to use Foursquare to redeem offers?