Tired of carrying your wallet around? Well, how about if we say that your cell phone could replace it? A company called Obopay aims to do just that. This free mobile Web service lets you send and receive money via text messaging, a mobile WAP browser, or a mobile application that can be downloaded onto certain phones. (You'll have to check the site out to see if the downloadable app is available on your phone.) Also, when you sign up, you automatically get a $5 sign-up bonus.
The concept mirrors Paypal in a way--just send the amount you want to your recipient's phone number (he/she would have to have an Obopay account too), and the money is immediately transferred. There's also an option of getting a prepaid MasterCard tied to the Obopay account in case you want to give your kids (or yourself) an allowance. Of course, there are a few caveats. There's a small 10 cent fee involved in sending funds and a 1.5% fee for adding money to your account via a debit or credit card. There are also a few transaction limits involved in adding and withdrawing funds. So, while we think Obopay delivered on its promise, it certainly won't replace your wallet..