American Express revealed on Thursday that it has released a new mobile payment system that links its Amex credit card with users’ smartphone-based Foursquare profiles.
The New York City based banking and financial services provider also claimed that the new service will enable corporate clients to offer their customers special offers during their retail purchases.
The company explained how this new scheme would work by saying that the discounts will be initially available only in retail stores Sports Authority and H&M. Apparently, these discounts will be credited to the users’ Amex credit cards within 3 days to 5 days of the purchase.
The company also clarified that no credit card, NFC (Near Field Communication) or smartphone codes will be required for the purpose.
Cardholders need to register with Amex first, to link their cards to their Foursquare profiles.
Foursquare is a relatively new mobile social networking platform that allows users to share their location with friends, with the help of their handsets’ built in GPS technology. It currently has more than 10 million active subscriptions.