CHIPS is a safe money storage and transacting platform through which users can transact with one another, be they consumers or businesses.    Through the CHIPS ecosystem the user has access to his money to buy goods and services or to send money to others using secure mobile apps and web-based portals.

CHIPS users can interface to the domestic national payment system and their bank accounts to make payments, move money between CHIPS and their bank account, or to withdraw cash at ATMs or in participating stores.

CHIPS is not a crypto currency (like Bitcoin) or some other technological wonder.  With CHIPS you are using real money with no risk that your money could lose value. 

When a user receives CHIPS from another user (for example his salary/wages, a social grant or a payment from another CHIPS user) or exchanges money for CHIPS, the value is automatically deposited into secure CHIPS Value Store, in the user’s personal account.  The user remains the beneficial owner of the funds held in the account.  At the same time the equivalent value is made available in the user’s CHIPS Money Manager app or in the business’ CHIPS miBusiness portal.

CHIPS was designed by experienced financial infrastructure experts and the Value Store, where the money is held, is compliant with South African financial services regulations, as dictated by the Financial Sector Conduct Authority (FSCA).  The CHIPS operational environment is managed by Trustlink (Pty) Ltd, a certified payment system operator with years of experience in payment processing.

CHIPS is not a bank and does not do the business of a bank.  CHIPS is an alternative payment network that does not make use of bank accounts to hold funds and transfer value.

CHIPS subscribes to the Treating Customers Fairly (TCF) principle.  The guiding principle for CHIPS is that all customers are treated equally – be they rich or poor, banked or unbanked, major enterprise or micro business.  In addition, fees are set at the absolute minimum in order not to adversely affect the consumers’ disposable income or the business’ margins.

Yes.  All transactions need to be authorised by the user and all fees payable by the user are displayed together with the amount to be paid, for authorisation prior to activation.  Furthermore, no monthly fees, incidental costs or debit orders can be deducted from the user’s CHIPS account. 

The user’s money is held in trust by a nominee company approved by the South African Financial Sector Conduct Authority (FSCA).  Legislation dictates that the assets managed by the nominee company on behalf of investors, under no circumstances form part of the assets or funds of the financial institution itself.  Because funds are invested in the CHIPS Value Store, i.e. a protected vehicle, if anything goes wrong with the investment management company, or with the CHIPS operational entity, the money is safe from creditors and can simply be transferred to another investment management company or operational entity.

Another benefit of users having their money in the CHIPS Value Store, is that it their money is  protected by Fidelity and Professional Indemnity insurance against internal fraud, dishonesty or negligence by the nominee company managing the funds.  Furthermore, state of the art security protects money transacted through CHIPS apps and Web applications from fraudsters, robbers and thieves.