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U.S mobile payments company Obopay has launched a service that allows teenagers to send and receive money via their cellphones.
The Sponsored Accounts service enables parents to provide children below the age of 18 with an Obopay account linked to the teenagers' own cellphones, Obopay says. The service allows parents to send their children an allowance by cellphone and also to track and control their children's spending, it says.
“The teenager payment service is now live, and we've got end users,” says an Obopay spokesperson . “We charge a fee of around 10 US cents per transaction.”
Obopay's system enables subscribers to send money to each other via cellphone text messages, and to make purchases at wireless Websites. Recipients have to register at the Obopay Website to gain access to the money they have been sent. Obopay users get a stored-value account which is linked to an Obopay-branded prepaid MasterCard debit card. They can use the card at an ATM or a point-of-sale terminal to spend money in the stored-value account.
A recent consumer survey carried out by Obopay revealed that more than 70 percent of young people in the U.S. carry a cellphone. Teenagers are more likely to carry a cellphone than their wallet or keys, Obopay says.
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