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Yup, this is really happening. It seems Mexico has something of a kidnapping problem lately, and a company called Xega is looking to change that by offering implantable Assisted-GPS tracking chips to wealthy fools those willing to pay the $4,000 surgical fee, plus the $2,200 annual service charge.
The crystal-encased chip is about the size and shape of a grain of rice, and is injected under the skin using a syringe.

The system uses an external GPS transmitter, which needs to be within wireless range of the surgical implants. I'm not exactly sure how that's any better than just carrying a dedicated GPS tracker (minus the surgery and, in all likelihood, cancer), but the company claims to have sold the system to over 2,000 people.
To my eyes, this setup looks like little more than in implanted RFID tag and an external GPS transmitter -- hardly worth the exorbitant fees Xega is charging. Oh, and, no I won't be testing this system, so please don't ask. Period.
Read the full Reuters article HERE.
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