Terms and Conditions

MonZap - The Company

MonZap is licensed by Tibado Ltd to use the Tibado IPR for a UK implementation known as MonZap.

MonZap’s registered address: Gratwicke House, 10 East Street, Littlehampton BN17 6AW.

MonZap company registration number: 11096640

MonZap Services

MonZap will provide all applicants with a service that will allow them to split coins, merge coins and swap coins.

MonZap will provide a service that will allow users to exchange UK pounds for MonZap pounds.

This will use WorldPay Payment Services.

MonZap will optionally provide a service that will allow users to exchange MonZap Pounds for UK pounds. This will use either the faster payments service operated by Vocalink on behalf of the UK banks or PingIt Mobile Payment app.

Coin Terminology

Electronic Coin – Tibado is an electronic cash / token currency and the service offered by MonZap and will use MonZap Pounds.

A coin can represent any value in pounds up to a maximum value pre-set by MonZap.

Split coin – allows the user to divide a coin into two parts that have a total value equal to the original coin. The original coin no longer has value.

Merge coin – allows the user to merge two coins such that the resultant coin has a value equal to the sum of the two original coins which no longer have any value.

Swap coin – allows the user to validate the authenticity of a coin and to obtain a fresh coin with the same value. The original coin no longer has any value.

Making Payments

Users can make payments by sending a coin to the other party. Clearly the sender of the coin may have a copy so the receiver is advised to swap the coin at their earliest opportunity. This will ensure that the original owner of the coin cannot re-spend the coin.

Coins can only be used once and each coin is unique.

It is up to the sender of the coin to look after their coins to the desired level of security. MonZap coins can be stolen just like physical coins so they should be equally protected.

If you store your coins as photos in your phone gallery on your mobile phone be careful who you allow to access your photos.

Coins can be securely sent from person to person using encrypted messaging such as that provided by WhatsApp, you also get notifications the message has been received.

MonZap is not involved in this decentralised payment method and is unable to resolve disputes between participants.