There’s no doubt the Checkin space is hot and last year Facebook spent much of its time trying to find a way to compete with Twitter in the status space. Well it seems that this year Facebook may face another distraction wanting to make sure it doesn’t fall behind in the Checkin space. There’s a rumor that they are working on adding checkin functionality being reported by Business Insider.

Here’s a snip

A source briefed on the matter tells us Facebook is working on a feature that will allow users who access the network from mobile devices to “check-in” and broadcast their current location to all their friends.

The story goes on to say

For his part, Foursquare cofounder Dennis Crowley told us he fully expects Facebook and others to launch “check-in” functionality, making it “commodity by the end of the year.”

Dennis says Foursquare’s survival depends on providing “the most incentive for a user to check-in.” Right now, Foursquare awards frequent users badges and calls the users who check-in at certain venues the most “mayor.”

“I think we’re doing this better than anyone else and I think we’ll continue to do so. We have so much stuff on the whiteboard that we haven’t even touched yet… we’re really just getting started.”

The story also discusses rivals in the space Yelp and Gowalla along with advantages and disadvantages from each of them and stating potential rivalries from Twitter and CitySearch may come as well.

via Facebook Is Working On A Foursquare-Killer | Business Insider