Foursquare and Credit Cards

Credit card

Image via Wikipedia

Foursquare has been associated for users to have fun and later by retail organizations to provide location-based advertising. But, it has not been yet used by traditional organizations like Banks, Financial institutions.

One use-case that justifies the use of Foursquare is one which takes care of authentication of credit-card holders. Today, I had to face such an use-case at a retail supermarket. When I tried to use a credit card to pay for my purchase, I was asked to provide an ID (either PAN card or Driving License) for authentication (since the bill was more than 20K). Once the ID card was provided, the next part of the transaction (swiping the credit-card) was completed. As soon as the amount was transferred from my Credit Card, I received a SMS from my Credit Card provider (or Bank) giving details about my transaction.

I was stumped for a minute. Had I received a SMS from the Bank before I went to swipe my card, I could have shown this message as an authentication to the person behind the till. The credit-card is tied to my profile which also contains my mobile number. So, if I checked-in to a place (in Foursquare), the retailer can validate easily that I am the card-holder. Easy, isnt it?

Are such use-cases being used by the financial institutions already? Do you know about this? Please let me know.

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