As parents seek ways to stay connected to their kids and teach them financial responsibility while making sure they have the money they need, Obopay, the pioneering service provider for payments via mobile phones, today announced the Obopay Family Account.
The Obopay Family Account lets parents send money to their children -- or any family member -- instantly from any mobile phone.
With Obopay's Family Account, parents get an Obopay Family Prepaid MasterCard issued by The Bancorp Bank for any child at least 13 years old, which can be used in-person, online or by phone with any merchant that accepts MasterCard debit cards. Parents can add money to the card using Obopay's mobile application, text message, mobile Web, or Obopay.com, and can see at a glance where their children are spending the money that they sent to them, schedule "allowance" payments into the account, and text money to family members wherever they need it, without the danger of the child incurring overdraft penalties or interest charges or potentially damaging their parents' credit. The Obopay Family Account is also a quick and easy way to get someone money that they can use immediately in case of emergency.
Many consumers prefer to use prepaid cards to manage expenses and protect their personal information when shopping online or over the phone, and now these secure measures are available to younger family members too. Parents can text money to their child's family card account, and the funds are available instantly for use on the prepaid card.
Opening an Obopay Family Account requires only a mobile phone (any phone, any carrier) and takes just minutes. Obopay Family Accounts can be funded through a parent's bank account, debit or credit card.
"Any parent knows how hard it can be to stay connected to their kids and to teach kids financial responsibility. With Obopay's Family Account, we keep our -- and our kids' -- finances secure while taking full advantage of the convenience afforded through mobile payments to make sure they have the cash they need, whenever and wherever they need it - for groceries, text books, an allowance, or emergency fund," said Obopay CEO Carol Realini.
Obopay Family Accounts can be linked to an existing bank account or funded with a debit or credit card. The Obopay Family Prepaid MasterCard that comes with the account is not a credit card, so there is no interest and no risk to your credit score. No credit check is required to open an Obopay Family Account, and Obopay works with any mobile phone on any U.S. carrier.