It is known that Google is developing a new file transfer system for Android devices. Fast Share, as it was initially known, is being created to replicate the efficiency of Apple's AirDrop, and should be launched soon.
The XDA-Developers portal had access to the tool, still in the development phase, and recorded it in action during a transfer of images and videos between a Pixel 2 XL and a Pixel 4 – see the video here.
For starters, the feature, which is now referred to as the "Nearby Sharing", can be activated in the quick settings menu. Then just click "Share" on the file you want to send to another device and select this new mode.
Apparently, Nearby Sharing was designed to be more effective and simpler than Android Beam, which never got popular among users of the ecosystem. The biggest difference is in the technology that is used to establish the first contact between devices. If before the sharing was initiated by NFC, now this new system uses Bluetooth, which allows you to keep the devices in contact at a greater distance than before – about 30 centimeters.