Loopt, a way to connect with people and places around you, today introduced Reward Alerts into its mobile app for iPhone, iPod Touch and Android* phones. The new alerts bring a social, real-time element to location-based deals.

With Reward Alerts, brands and local businesses can offer limited-time and perishable-inventory deals to nearby consumers. Reward Alerts open up a unique mobile opportunity to offer a “flash” deal that is immediately redeemable in person, instead of a deal that is purchased now, but used at a future date. The new local deal alerts complement Loopt’s existing Friend Alerts, which send users a notification when a friend is nearby.

The first Reward Alerts go live in March for upcoming deals featured in the Loopt application. Users simply download the update, log in, turn Rewards “on” in the app’s settings, and nearby deals will be delivered straight to their iPhone, iPod touch or Android phone.

Loopt has set up an Austin-based moving “Rewards Wagon,” where brands are giving out more than $45,000 in rewards. Participating companies include Altec Lansing, FOX Broadcasting, Gilt City, Jawbone, Microsoft, OkCupid, Southwest Airlines, TabbedOut, Twelve South, TiVo and Yurbuds

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