A method and system is disclosed herein for conducting money or value point transactions between a first mobile device and a second mobile device in a network of a plurality of mobile devices. Each mobile device contains a radio frequency identification module with a digital wallet on each said mobile device for storing and processing digital value points. Digital certificates are provided in each mobile phone for the purpose of authenticating the mobile devices. The transaction is initiated by the first mobile device with the second mobile device by exchanging RFID identifiers and digital certificates via radio frequency identification transmission and reception. Digital certificates can be exchanged between the digital wallets of the first and second mobile devices using radio frequency transmission. The method and system disclosed herein allows users equipped with RFID enabled mobile devices to transact over a short range without a need for connectivity to a banking infrastructure or a central network.