I’m always dishing out cash to my kids — five bucks here, a $20 there. And my teen travels regularly with her swim team, so I’m often giving her $100 cash and telling her to put a little in her swim bag, a little in her luggage, some in her purse, etc. Plus, when she’s far away, I’m always worried that she’s going to run out of money. But I just learned about a new service that allows you to TEXT money to your kids. That’s right — text money using your thumbs and that thing called a cell phone from you to your kids.

Obopay is a comprehensive mobile payment service  that enables users to instantly get, send and spend money anywhere, anytime, from anyone and it’s just perfect for parents. 

Via text messaging with Obopay’s “Family Account” service, parents can send money to their teens instantly and securely with any cell phone for a fee of 25 cents. (And it’s free to receive and spend money with Obopay). Teens receive the money on a prepaid debit card, which can be used anywhere that accepts MasterCard. Additionally, with this service, parents have an additional way to teach financial responsibility by tracking their payments and seeing exactly how their teens are spending the money sent to them. Moms and Dads can even schedule “allowance” payments into the account for food, shopping and entertainment. Obopay isn’t a bank so there’s no minimum balance or potential for overdrafts.

Here’s how it works:

• Buy the Prepaid MasterCard here.
• Add Moneyto your Obopay account from your bank account, existing credit or debit card.
• Send Money to any U.S.mobile phone number or the Mastercard via text message. You can also request money via text.
• Withdraw money.You can withdraw money from your Obopay account directly to your bank account.
• Spend Money.You can even use Obopay to buy stuff directly from your phone, like movie tickets and ringtones. 
• With Obopay, parents can:
   
  Monitor spending, set up recurring allowances, or add money anytime.
• Manage everything right from a cell phone or online.
• Send emergency money in just a few seconds, directly from their phone.

Now, if Obopay can just help me figure out where to GET the money that I want to give my kids, I’ll be all set.

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