Channel multiplexing and flow control may be incorporated in wireless communications, especially in short-range wireless communication systems. In one embodiment, a wireless communication system may include a source and a target transceiver to communicate data over a wireless communication link, such as a radio link. At the source transceiver, a first payload of data may be broken into one or more first fragments to control multiplexing of the one or more first fragments. To communicate the first payload, each first fragment may be labeled as at least one of a beginning and an ending fragment. Likewise, a second payload of data may be broken into one or more second fragments. Each second fragment may be identified as at least one of a start, intermediate, end or a single fragment. Each of the first and second fragments may be sized to control latency. While the first payload of data may be provided on a first channel, the second payload of data may be provided on a second channel. By advantageously arbitrating transmission of the first and second fragments, the first and second channels may be multiplexed at a fragment granularity rather than at a payload granularity, providing finer control of payload latency and a more robust short-range wireless communication link.