During July last year, XDA Developers has discovered that Google is developing a solution for faster wireless file transfer solution. This solution is now been renamed as Nearby Sharing which transmit files through direct WiFi.
The Nearby Sharing (aka Fast Share) utilizes Bluetooth for transmission and later through direct Wi-Fi. In contrast to Android Beam, it allows larger transfer size with a transfer distance within 1ft.
Google has yet to officially announce this feature but the development for this project has been started for quite a long time. In the new Google Play Services V20.01.03, the Fast Share feature is now renamed as Nearby Sharing.