A big fraction of local merchants offer some kind of loyalty program. Everything from a branded credit card at the high end to a punch card at the low end. Rig

A big fraction of local merchants offer some kind of loyalty program. Everything from a branded credit card at the high end to a punch card at the low end. Right now, that stuff is done on an ad hoc basis. If Foursquare ends up owning that market, they're going to make a mint. And a) nobody else comes close to owning it, and b) Foursquare is a better implementation than most existing loyalty programs, especially for a new user.