Treat is geofenced mobile payments. You can send cash to a friend that's only unlocked when they're at a location. It's currently launched for iOS.
Invite a friend out for a drinks by paying for the first round, but only if they show up with you! Recommend your favorite places to your friends by chipping in towards their first purchase there.
We were recently marketing as a universal gift card but moving away from that as an app description (it's now just one of the things you can do with location-unlockable mobile payments). I still need to update the website regarding these changes (today!) :)
I don't like the "specific locations" part of the tagline so far, but I'm not sure how else to convey that information. It would really help to get some fresh eyes on this idea and tagline to see what you understand or don't understand about it.