Obopay, a start up that specializes in mobile payments, today announced plans roll out an app called Mobile Payments for the iPhone on Thursday.

With the application, the company said users will be able to send money using their iPhones with just a few clicks, and the recipient--be it be a friend, child or your housekeeper--can accept the payment in seconds upon receiving a push notification. The funds can then be accessed from the person's checking or credit card account.

So, for example, the app will allow folks to easily split a tab between five credit cards because no one has cash, according to Obopay, and it'll give parents a way to send children in college money instantly without (and this is important) heavy fees or having to deal with a bank or money transfer service. Obopay operates in the US and India with a significant investment from Nokia.