Obopay Launches "Send Money" iPhone App

Obopay, a start-up based in Redwood City, California, released a free Mobile Payments application for the iPhone that lets users to send money to anyone with a U.S. phone number. The recipient can receive money free of charge, but must set up a bank account to automatically deposit the funds. The cost of sending money starts at $0.25 per transaction.

Obopay leverages Apple’s iPhone OS platform and alerting capabilities to let senders know that their payment was successfully sent and received. Obopay offers a companion MasterCard prepaid card.

Obopay has established partnerships with companies such as Nokia, MasterCard, AT&T and Verizon Wireless.