There are a few apps for the iPhone that promise to read and display your heart rate. None of these seem to work very well - if at all. However I have found a gem of an app that actually works and is very accurate.
What is more phenomenal is how it does this. It uses the camera flash on the iPhone 4 to measure the change in colour as blood flow increases and decreases with your pulse, taking around 30 seconds to read. This is a functional as well as a very impressive app, and the cheapest heart rate monitor I have come across.
It's free (with ads and limited functionality) - or 0.59p (UK) for a fully featured version.
Note: Resting heart rate (RHR) - is the number of heart beats per minute when we are at rest; the average is usually between 60 and 80/min. The resting heart rate can be one indication of your basic fitness level, in most cases the lower the better. The better trained your body, the less effort and fewer beats per minute it takes your heart to pump blood to your body whilst at rest.
This is also available for Android devices at the Android Marketplace