Obopay Inc. has a new application for Apple Inc.'s iPhone that lets consumers initiate person-to-person payments.

The Redwood City, Calif., company's Mobile Payment app, announced last week, can be used to send funds to consumers with U.S. phone numbers. Users can also view transaction histories, request funds from contacts and deposit funds they receive into their bank accounts automatically.

There is no fee to download the application, sign up for an Obopay account, access account information or receive funds. The cost to send funds starts at 25 cents per transaction.