Socializing credit card transactions

Lots of new startups have been getting attention in the credit card and social networking space.  Blippy and Swipely being the most prominent.  Swipely raised $7.5m and Blippy raised $11m.   Both allow users to share their credit card purchases with their social network.  

I don’t know how it’ll all shake out, but what is clear is that there is real demand and willingness to socialize purchasing data in specific, controlled ways.  And there will be many future efforts that will test and explore what controlled ways make the most sense.

The foursquare idea I wrote about earlier is in some ways the inverse of blippy and swipely in that instead of sharing aspects of your credit card history with your social network, you agree to share aspects of your social network with your credit card provider.   As a user, you don’t get the social signaling benefits of identifying with a cool purchase, but you do get concrete financial benefits of more relevant and desirable rewards and points.

Will users be comfortable sharing their social network status with credit card companies?  Again, it comes down to control.  I think yes, if you offer users clearly defined control mechanisms and offer them something of value in exchange.

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