Based on the Belgian Proton system, it was started by Interpay on 26 October 1995, as a pilot project in the city of Arnhem and a year later rolled out countrywide.

The money needed to be transferred from a card holders main bank account using a loading station which were generally located next to ATMs.

Since its discontinuation, contactless payments without pin code for small transactions using Maestro or V Pay have largely become the norm.

It was licensed to banks in Switzerland, The Netherlands, Brazil, Australia, Sweden and Canada for their programs but used a different name for each of them.

[13] In Phase II, the national roll-out starting in 1996, the card was manufactured by CP8 Oberthur Technologies and Philips.

It was compatible with multiple suppliers of readers and terminals: CCV Group [nl], Certec, DateInet, Getronics, ICL, NCR, QE and Taxameter.

[16] It made use of the Data Encryption Standard and the Triple DES with RSA using a secure access module.

[19] The Chipper chip was manufactured by IBM and Schlumberger (of which the smart card spin-off Axalto later merged with Gemalto).

[24] Professor George Hendrikse [nl] and Henk de Vries noted that the representativeness may be questioned because the Postbank was a major employer in Arnhem, which might have favored adoption.

[26] M. Roos, the director of the Centraal Bureau Levensmiddelenhandel [nl] said in NRC Handelsblad that the Chipknip was already outdated at its introduction and should not be used.

[29] In March 1996, Rabobank released their Smartfone to deposit money on the Chipknip from home, which cost 300 Guilders.

Using the so-called Chipknipper the balance could be read, the card could be locked and money could be deposited using a phone line.

[32] NRC Handelsblad noted in November 1996 that The Netherlands was an early adopter of electronic payments and that it was mainly beneficial for the banks themselves.

[33] The Royal Dutch Mint criticized the Chipknip for the aggressive marketing, forcing large transaction fees upon small and medium enterprises.

[12] The Dutch Advertising Standards Authority [nl] stated in 1997 that the Rabobank falsely claimed in commercials that the Chipknip already had millions users.

[39] A prepaid Chipcard was introduced by InterEGI (Interpay Elektronisch Geldinstelling B.V.[40]) for foreigners who do not had a Dutch bank account.

[47] In 2006, Ilja Bruggeman from Platform Detailhandel Nederland did not blamed merchants for the low adoption of the Chipknip, because for them it would have been efficient, safe and cheap.

The Chipknip is mostly used on places where it is the only usably payment method, such as parking meters, candy vending machines or company cantines.

[53] In 1998, Postbank introduced the ThuisChipper (English: HomeChipper) to deposit money from home to the Chipper card.

[59] In September 2007, Currence announced that they would be repositioning the Chipknip system to the parvenca market segment (portmanteau of parking, vending and catering).

They expected that with their marketing campaign het nieuwe pinnen (English: the new pinning) that merchants would drop support for the Chipknip.

The costs to keep Chipknip operating would increase because it has it has to abide European harmonisation regarding the Single Euro Payments Area.

[67] Algemeen Dagblad noted that "only elderly people will mourn at the discontinuation of Chipknip", because it was still relatively commonly used in retirement homes.

[71] When Leiden University discontinued the Chipknip, they made coffee vending machine consumptions free until a replacement was deployed.