Robert Poe from the Dailywireless has a great story on Obopay, which has been able to setup a kind process to allow people to send money to others, as long as both are US phones.

It is kind of the way Paypal allows you to transfer money between email addresses, in that both sender and receiver of the funds has to link a credity card or bank account to their email (in Paypal’s case) or their Phone (in Obopay’s case).

Perspective: This won’t allow people to start buying groceries with their cell phones, but it’s a start and I think will take off with American teens.