Transaction system and method therefor

A transaction system using proximity-based short-range wireless links, the transaction system comprising:

• a peer device arranged and programmed for handling a transaction at a point of sale provided by a merchant;
• and
• a personal presence identifier carried by a user and coupled to the peer device by a short-range two-way wireless link,
• wherein the peer device and the personal presence identifier are arranged and programmed to establish a two-way personal area network with one another when the personal presence identifier is within wireless transmission range of the peer device, and
• wherein the personal presence identifier and the peer device are also arranged and programmed to exchange needs specifications and capability specifications with one another after establishing the two-way personal area network, each needs specification is a list of network needs currently experienced by a broadcasting entity and each capability specification is a list of network capabilities that the broadcasting entity may provide to other peers of the network.