The Obopay Family Account lets parents send money to their children or any family member instantly from any mobile phone.

As parents seek ways to stay connected to their kids and teach them financial responsibility while making sure they have the money they need, mobile payments provider Obopay has launched Obopay Family Account. The target demographic of the initiative is families with kids between 13 and 18.

"Obopay has done extensive market research, all of which clearly indicated the need for a product that directly serves the needs of families, especially those with teenage kids," said Michael Diamond, senior vice president of product development for Obopay, Redwood City, CA.

"Families are actively seeking tools to better manage their busy, mobile lives, and the Obopay Family Account is specifically designed around this need," he said.

Obopay is getting the word out about Family Account with online marketing and advertising.

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, the mobile Web or Obopay.com.

They 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.

Obopay Family Accounts can be linked to a parent's 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.

"We continue to see rapid adoption of mobile payment services in the U.S., especially as more consumers look for efficient and cost-effective financial services," Mr. Diamond said. "Like many mobile technologies -- text messaging chief among them -- adoption has been faster in other countries, but the U.S. is catching up.

"To give you some perspective on global scope, just last week, Arthur D. Little published a report in which they forecast total m-payment transaction volume to reach almost $250 billion in 2012, growing at 68 percent annually between now and then," he said.