Using your cell phone as an electronic wallet isn’t particularly prevalent in North America yet. Sure, we heard about PayPal Mobile, but that is a bit far off from your everyday convenience store purchase. Well, Obopay is taking the plunge and offering one of the first services in the United States that will allow you to send and receive money from your cell phone.

No retailers are supporting the technology yet, but you can send money between your friends, family and acquaintances with just a few key button presses. The way it works is that you open up an Obopay account and load it up on their website. After installing the application on your handset (Obopay says it will work on most phone models and carriers), you just pick the person from your address book (assuming they have Obopay too) and send them however much you’d like.

They’ve kept the transaction fees incredibly low: regardless of how much is sent or received, there is a mere 10 cent fee involved. You can even access your Obopay moolah at an ATM with the included Obopay Mastercard debit card, but that will probably result in additional charges (as do most ATM transactions).

Obopay will be available for download on April 15.

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