MasterCard Inc. has developed an application that enables users of Apple Inc.'s iPhone to locate nearby stores and attractions recommended by other consumers.

The Purchase, N.Y., payments company announced the availability of the Priceless Picks iPhone application last week.

MasterCard's ongoing Priceless Picks campaign encourages its cardholders to recommend specific stores and experiences that they have particularly enjoyed.

The application uses the Global Positioning System capabilities of the iPhone to notify users of nearby sites that other people have submitted to MasterCard. People can also use the application to send in their suggestions.

This is MasterCard's second iPhone application based on location technology. It also offers through Apple's App Store the ATM Hunter application, which helps users find nearby automated teller machines.