Frequently asked questions

About

What is CHIPS exactly?

CHIPS is an ecosystem that provides a free, super-safe and bank independent place to store money while earning interest and enabling income creation.  At the same time CHIPS also provides mobile faclities and a business portal to spend, send, receive and track money. CHIPS presents the first regulated alternative to payment services offered by the banks today.

Sign up & Registration

What are the minimum requirements to register as a CHIPS Money Manager user?
You need to be 18 years or older and have a valid South African identity number.  You also need a smartphone to install and use the app.

Transacting

How do I load money into my CHIPS account?
Two options are available using the Funds-In function under the Funds-in / Funds-out tab, namely:
  • Transferring from your bank account
  • Buying cash vouchers at participating stores
You can also ask another CHIPS user to transfer some of his CHIPS to you in exchange for your cash

Fees & Limits

What does the CHIPS service cost?

The CHIPS service offers a free Value Store account (i.e. no monthly or annual charges), the CHIPS Money Manager app is free to download and most transactions are free or have a very low fee.  In all cases the fees are presented to the payer for authorisation before the transaction is submitted for processing.

Safety & Security

Is my money safe?

Yes.  Money that you receive or transfer by means of your Money Manager app is held in a safe custody account in the CHIPS Value Store where your money is invested in low risk investments, managed by an independent Financial Services Provider, regulated by the Financial Services Compliance Authority (FSCA).  In terms of the investment vehicle utilised, your account in the Value Store is insured against mismanagement, fraud and theft.

General Help

What happens if I lose my phone or it gets stolen?
Don't worry.  Your money is safe.  There are various levels of security on your phone and in the Money Manager app that will prevent unauthorised use.
When you get your new phone, simply download the CHIPS Money Manager app again and login with your credentials.

About Trustlink

Trustlink (Pty) Ltd is a South African company, established in 2002. Since its inception, Trustlink is a trusted payment and solution provider to banks, other financial institutions and blue chip corporates in Sub Saharan Africa.  Trustlink is also the SWIFT business partner in the region. Trustlink now offers CHIPS, as a service, under license, to the South African consumers, business and other organisations, as well as government.

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