Gifi iPhone app lets users leave money for Foursquare friends

Gifi iPhone app lets users leave money for Foursquare friends

Social payments start-up Venmo has launched an iPhone app that lets users leave money for people at Foursquare check-in locations.

The Gifi app can be linked to bank accounts and credit cards, enabling people to leave money for specified people at Foursquare locations who receive a text and a personal message letting them know about the gift when they check in. Alternatively, money can be left for several friends, with the first to check in getting the cash.

To pick up the money users need Venmo and Foursquare accounts but not the Gifi app. According to Venturebeat, the system may be expanded to cover virtual currencies such as Facebook Credits and other location-based apps like Facebook Places.

Explaining the concept on the app store, Venmo says: "Let's say you have a friend who's been really stressed out lately. You decide to leave a little surprise at a place that you know your friend visits often. When your friend checks into the place (say, a cafe) via foursquare, they receive a message that reads, "Hey! I know you've been studying really hard for those exams. You should take a break and try the espresso here. It's really good!" along with $5, which can be easily claimed through a Venmo account."

The app has been launched at TechCrunch Disrupt in San Francisco, with the firm hiding $2500 in the area for people to find using clues provided through Twitter.

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