MasterCard Worldwide announced today the release of the MasterCard Priceless Picks iPhone application, a location-based solution that is meant to enable users to find and share with their friends and family their favorite picks. The new application makes use of iPhone's GPS technology and offers users the possibility to find shopping deals, entertainment options, dining venues, and others more.

According to the company, users will have the opportunity to perform searches of what is either near them or near a location they are traveling to. Moreover, all these features are enabled via an application that can be downloaded for free directly from the Apple App Store. Some of the features that the software solution comes to the App Store with include user-generated content and partner-generated offers that pinpoint Priceless Picks to the selected location.

In addition, the MasterCard Priceless Picks iPhone application also comes with five categories, including Priceless, Dining, Shopping, Entertainment and Other, allows users to add Priceless Picks by inputting the name, description and location, as well as their first name and the Priceless Pick category, and also enables them to share the Priceless Picks with others via email.

“MasterCard continues to connect with consumers, enabling what is Priceless to them – be it a special experience, moment in time, place, or deal – and now we’re providing a forum for consumers to share their Priceless Picks,” Chris Jogis, senior vice president, US Marketing, MasterCard Worldwide, says. “With the capabilities of the iPhone, we’ve taken Priceless Picks to a new level, taking advantage of the portability of the device and enabling users to quickly and easily identify and share unique experiences in a chosen locale.”

MasterCard Priceless Picks, the company states, is the second iPhone application it has developed out of an entire series of apps designed to enhance the user experience. The first app, MasterCard ATM Hunter, is already a popular one, and offers users the possibility to locate the nearest ATM, wherever they are around the globe.