Mobile payments giant Square is reportedly working to create a “recommendation engine” for users.
Based on the chatter we’ve been hearing so far, the innovation would be capable of suggesting to users places they may be interested in visiting based exclusively on their mobile transaction history.
If, for example, a user has a history of eating Italian food, the service would provide a helpful heads-up on a nearby Italian restaurant.
“We can tell you that people who like X might also like Y — and it’s a true representation of what you’ve bought,” says Ajit Varma, Square’s first “Director of Discovery.”
Although scores of apps and web services are designed to serve up recommendations, the use of payment data to generate suggestions is unique.
“I think we can do something a lot better,” Varma said, referencing the power of payments in reading consumer interests.
“There’s so much powerful data that comes from each and every transaction, particularly now that those transactions are happening increasingly using a mobile device,” Kamran Ansari, an investor at Greycroft Partners, tells The Verge.
So… will Square’s efforts pay off? Please weigh in with your two cents below. And to check out the complete report from The Verge, click here.