Foursquare announced a new partnership with Visa and MasterCard. The deal will allow credit and debit card holders to claim offers and discounts at participating retailers. So far, Foursquare discounts have been offered for brands like Whole Foods, Nike, Sports Authority and Dunkin’ Donuts. To claim an offer, consumers must sync their eligible cards to their Foursquare account. The discount is then applied to their statement as a credit. The partnership is similar to one Foursquare already formed almost two years ago with American Express. However, now the agreement with all three companies will serve as a new source of revenue for the location-based social network. Foursquare will collect a fee from the credit card companies when offers are redeemed. This month, Burger King was the first brand to offer a deal to its customers under the new model.
You can read more about how Foursquare will encourage users to redeem offers here.