Standard Bank in South Africa Wednesday launched a mobile payment app for smartphones called SnapScan, a QR code-based system consumers use to pay for goods in combination with a PIN.

SnapScan is available for iPhone, BlackBerry and Android-based smartphones. Consumers can link any Visa or MasterCard issued by any South African bank to use with the app, according to multiple media reports.

SnapScan’s payment process is somewhat similar to the method FIS uses with a limited number of merchants in the United States. When a user pays, they open the app, tap "Scan" and then scan what is called a SnapCode the merchant displays near a point-of-sale terminal. This process identifies the shop and users then enter the amount they need to pay and confirm the transaction with a four-digit PIN.

Merchants receive a text message when payment is complete. Standard Bank charges merchants a 3-percent flat fee for each SnapScan transaction.

Standard Bank told local media outlets it plans to add more features to the app, including person-to-person payments.