Earlier quoted context omitted.
I was experimenting with this technology almost a decade ago as part of my work as interaction designer: https://darker.ink/writings/Mobile-design-with-device-to-dev... It has a lot of potential but unfortunately it has been kept back until now by lack of support and interoperability.
Waayy back in 2009 we had Bump [1], which allowed transfer between devices and later web apps as well – by banging your phone against the spacebar. It worked 98% of the time and was faster than AirDrop is today, even though we only had 3G. Google acquired it and immediately killed it. [1] https://en.wikipedia.org/wiki/Bump_(application)
Since it's relying on your internet connection, skeptical it'd be faster than AirDrop for a large amount of data like photos. But for swapping contacts I bet it was faster since it didn't have to spend time establishing a new direct connection.