Visa smartphone app gives users discounts at major retailers

Visa Mobile, a new smartphone application available for free on both the iPhone and Android smartphones, will allow users to get discounts when making a transaction that results in credit card debt at a wide variety of major national chains, including JC Penney, Zale's and Hertz, according to a report from the company. All users need to do to participate is download the app and enter their name, address and credit card number.

With that information, the app will then send them a number of deals available both online and at real-world stores based not only on their purchase history when taking on credit card debt, but also their current location, the report said. Using the phones' built-in GPS system, the program finds nearby participating retailers and displays both their location and the deal available in the Google Maps app.

Visa likely launched the program to compete with discount startups such as Groupon and others, which have grown in popularity recently, which also offer smartphone apps.