It is short for "I will be seeing you". It means "Until next time" or "See you later".
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"Be seeing you" is used as a farewell, accompanied by a waving gesture consisting of thumb and forefinger forming a circle over the eye, then tipped forward in a salute.
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It's just a casual way of saying goodbye.
Normally used if you will see them again soon for example the next day or later that day.