Google is working on a new Android sharing tool that will replace Android Beam, its current declined feature. From what we can say, Fast Share is a tool that allows users to share files directly with other nearby devices without the Internet via a combination of Bluetooth (to create a handshake device) and Wifi Direct. As a concept, it sounds pretty much like AirDrop. The main difference between the two is that Fast Share will not be an exclusive feature of Apple.
Here are some screen shots provided by XDA developers that show they will work: 9to5Google, XDA developers