Serge Belamant is among the successful entrepreneurs living in London. He is the most outstanding thought leader and social entrepreneur in South Africa. Having innovative computer science abilities, Serge Belamant was awarded a government contract in South Africa from SASSA. The contract was to pay social grants and ensure they all receive their payment secure.
Serge Belamant is the founder of NET1 Technologies. This company was involved in inventing the Funds Transfer System (FTS), which helped develop a Universal Electronic Payment System. Besides, Serge Belamant was engaged in founding blockchain technologies. While starting a company or any business, you experience struggles, and NET1 Technologies wasn’t different. It was struggling to convince the banks to use their UEPS. Fortunately, the company got a breakthrough in 1995 after VISA hired him. The company was to merge its two technologies UEPS and FTS, and invent COPAC. The development of COPAC became a landmark for VISA because the users were protected from misuse of the credit or fraud activities.
The other breakthrough was in 1999 after his company purchased Cash Payment Services. During that time, Cash Payment System was used to pay welfare grants in the Republic of South Africa. However, this system needed an upgrade to modernization because it was to pay millions of people in South Africa – especially those living in rural areas. The system was to help protect the beneficiaries, including those living in rural areas.
According to Serge Belamant in London, he said that it was an easy task for them. They had to capture the fingerprints of all their beneficiaries during registration. While transacting, they ensured the fingerprints were matching. Even when beneficiaries lost their cards, there was no difference because a third party could not use them. Also, no one could borrow the card unless it’s the beneficiary who authorized the third party, such as the father, daughter, or wife, to use the card. Therefore, the company was to store all the fingerprints of authorized people on the same card. If a transaction was done, it could be easy to know the individual who performed or authorized the transaction. Besides, there were spending limits depending on an individual’s fingerprints.
For more click Serge Belamant: South Africa’s Original Social Entrepreneur
