You usually use this to tell bundler that it's ok to install some minor updates (last digit specified can vary) but not to install some major update.
SO
~> 2.0.3
means >= 2.0.3
∩ < 2.1
and
~> 2.1
means >= 2.1
∩ < 3.0
Read more at https://bundler.io/gemfile.html