Serge Belamant’s career has been marked by many successes involving blockchain technology. He launched Net1 Technologies and set out to market his Universal Electronic Payment System (UEPS) technology to banks decades ago. As a result of many laws and regulations, financial institutions, including banks, are cautious about integrating new technologies. Subsequently, it took time for Belamant to get things rolling at Net1 Technologies. In 1995, Visa came calling and solicited Serge Belamant’s help in the development of a new application. Belamant relocated to the United States to work on the project and ended up employing the use of the Funds Transfer System (FTS) and UEPS technology. The scope of the project was significant, which is why Belamant’s move to America was important; it ensured he had the resources required to complete the project.
Ultimately, the Chip Offline Pre-authorized Card (COPAC) was the project outcome. Serge Belamant’s integration of FTS and UEPS technologies facilitated desired project outcomes. In fact, COPAC is a technology that’s still used by Visa today for protection against fraud. It also protects against the misuse of credit by verifying personal ID numbers. While it took time to gain notoriety, Belamant was on a roll after the Visa project. Another example of Serge Belamant’s contributions during the 1990s was the work he did when First National Bank of South Africa obtained Cash Payment Services (CPS). The CPS system was responsible for paying welfare grants and the existing system was outdated.
This was problematic because over a million people in South Africa were supposed to be issued grants. What further complicated distribution of the payments was that the grants were issued to South Africans located in rural parts of the country. The ingenuity and expertise of Serge Belamant enabled the successful payment of grants across South Africa. He implemented the UEPS, which was able to provide increased speed and security. The UEPS boosted the overall effectiveness and interoperability of systems at CPS. Belamant became highly regarded for his work and accomplishments. This is just another of many examples of how Belamant has used his natural creativity and academic knowledge to achieve aggressive goals and advance technology in the financial sector.
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