Facebook has launched the Facebook Places application, allowing users to share location-based information with their friends.
The application, which is currently available only in the US, lets users broadcast their location and make 'check-ins' with nearby places of interest, a function that can also found on Foursqaure.
The Places function can be accessed using the official Facebook for iPhone application, or by visiting the smartphone version of the website.
Facebook are yet to announce when the application will be launched in the UK, but users have confirmed that the Facebook for iPhone UK application has been updated with the Places button.
The new location-based feature allows users to view a list of places near their location by tapping the 'Check-in' button.
Users can chose a desirable location from the list and share it with friends by 'creating a story' on the News Feed.
The Facebook Places application will allow advertisers, and Facebook, to tap into the lucrative location-based advertising market. Advertising revenue from location-based service is increasing, and is expected to reach $4 billion by 2015.