When the Human race moved away from Earth and were introduced to the Conclave they had to establish a new form of currency.
Earth’s Societies had already been moving towards a single currency, but this integration meant that they no longer had a choice. As such they adopted the Conclave’s systems of Credits.
However, Credits did not work in the same manner that Pounds, Dollars or Euros worked. There was no physical coin or note that people could access, instead everything is dealt with through a Credit Chip.
The Chips act like a Credit Card in that they keep all financial records about the person held within them. Each Credit Chip is specific to the owner and can only be reassigned once the owner is dead. Once the owner dies, the Chip becomes a Free-to-Claim Chip and can be accessed by anyone.
To use your Chip, you must first place it onto a Chip Reader and offer a piece of their DNA onto a small needle that can verify that it is them. Once that has happened, transactions can take place.