iBeacon is like an indoor GPS.  It is a series of small radio transmitters located around a restaurant or bar that send data to smartphones in range.  Although an Apple product, the iBeacon works by Bluetooth with the newest versions of Apple and Droid smartphones.

iBeacon can identify in-store smartphone users and offer them geo-specific real time in-store promotions.  Combined with the iPhone 5’s fingerprint identification technology, the iBeacon can also be used to process payments via the smartphone.  Users can skip the lines and pay with their smartphone.  It is already in use in all Apple stores via the Apple Store app and is more secure than your actual physical wallet.  The combination of iCloud, Keychain Passbook, and iWallet with the fingerprint ID technology will change payments forever.

If your customer base includes millennials, you’ll want to be ahead of the trend to attract these technology and trend followers.