
It's an expansion of the Facebook "Places" function.
On your iPhone or other mobile, you log into your Facebook account, hit "Places" and the app will locate you and show nearby businesses. Now, as well as simply showing other people where you are, it will also throw up any "Deals" being offered in nearby businesses.
In the UK, they're few and far between at the moment. For launch, Facebook have Starbucks (surprise, surprise), YoSuhsi, O2, Alton Towers and Benetton among a very few others.
And example of the deals on offer is O2 will give you 10% off accessories and gaming products when you check in.
But don't sniff at it. This will become big business for Facebook. Just look at Groupon and the like.
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