With companies like Groupon and LivingSocial already in a big lead in the daily deals sector, American Express wants to catch up to the leaders of the pack with its own fresh idea.

Yesterday, American Express launched a new app in Facebook called “Link, Like, Love”, which offers daily deals to AmEx card holders. The service is pretty much the same the company’s partnership with Foursquare. Unlike Groupon and LivingSocial, consumers do not have to print a coupon, present their app on a smartphone or pre-purchase a certain product. AmEx users just need to link their AmEx card to the Facebook app. Based on the likes, interests and those from their friends, users are then given a list of available deals. Users would just need to present their AmEx card to pay for the deal and they will automatically get the discount.

American Express has already partnered with high profile companies for this service like, 20th Century Fox, Dunkin’ Donuts, Whole Foods Market, Outback Steakhouse, Virgin America, H&M, Westin Hotels & Resorts and Sheraton Hotels & Resorts. American Express intends to partner with other companies and extends the services to include membership rewards deals, entertainment access, exclusive content and special events.

“As we continue to transform our business in the digital space, we’re focused on three key areas: value, relevance and user experience, for both cardmembers and merchants. Because of our unique business model — our closed loop — we’re able to deliver on all three in a way that is unprecedented,” said Ed Gilligan, Vice Chairman, American Express.

“We’re thrilled to bring together the power of the Facebook platform and our core business assets in a way that is personalized, meaningful, and will result in significant value for both merchants and cardmembers.”

The great value for consumers is that it becomes easier for them to redeem a deal, needing only to take an action they were likely to do anyway. For participating merchants, this service allows them to measure effectiveness of the deal in real time. The app also features a dashboard for merchants, which enable them to see the redeemed deals and customer loyal data.

With this fresh concept, do sector leaders Groupon and LivingSocial have a reason to panic?  Probably not–the AmEx deal is specific to its existing customers, though it is an entry into a highly integrated system of consumer tracking and interaction.  Most major financial institutions desire similar points of access and integration, so this move by AmEx is encouraging for the entire industry, and indicative of how social media and legacy financial institutions can combine efforts towards a similar goal.