Foursquare CEO and cofounder Dennis Crowley has revealed that his company has serious monetization plans that center on personalized local offers--a transformation for the company from its usual "check-in" game model. Merchants will be able to buy promotions the give users access to coupons--which they can only redeem if they actually check into the location. The service will be able from July, and is an additional attempt to monetize the social sharing actions of its 20 million users. It means Foursquare is competing more directly with Groupon and Yelp, but with a business model that is different from either service, and perhaps better orientated to offering local offers at point of sale when the mobile payment revolution kicks in.
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