According to leaked information, Android devices are expected to be able to receive targeted messages with Google's version of the technology, called Nearby. According to a source, this will be made available after a Google Play Services update.
According to a leaked screenshot, Nearby will allow users to interact with people, places and things that are nearby. The service will allow you to decide whose devices can "see" your presence. Like iBeacon, Android handsets with the feature on could receive targeted ads and location-based reminders (when you see Jim, remind him about the Thompson account).
While we have no idea when this might be rolled out, you can take a look at actual screenshots from the feature, in the slideshow below.
source: AndroidPolice via RedmondPie