Select Google Pixel and Samsung devices will be the first smartphones to receive the Nearby Share feature.
It can be enabled with a flag in chrome://flags but reports suggest that even after both flag and toggle are enabled in the Settings app, the feature doesn't do anything.
This new peer-to-peer system should be capable of transfer speeds of up to 20 MB/s.
The Fast Share page has been spotted but it would appear that the feature is not usable as of now.
Passwords can be transferred via AirDrop to any iOS 12 user or macOS Mojave device only, that, for now, is the only limitation.
With Apple's iOS 11.2 beta 3 a pop-up notification will show up on the screen explaining the how the Control Center toggle really functions.
The new Control Center on iOS 11 allows users to toggle the Bluetooth and WiFi functionality on and off, just like it used to but leaves the radios on.