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NET1 Technologies

NET1 Technologies

NET1 Technologies is a Johannesburg-based financial technology company founded in 1997 by Serge Belamant.

NET1 UEPS Technologies is the creator of Universal Electronic Payment Systems that provides offline financial transaction capabilities.

Users can process or collect payments, make purchases, manage healthcare and insurance transactions, vote, and perform regular banking functions via a biometrically secure smart card that operates offline. 

This company is a global organization that distributes web and mobile applications and payment processing capabilities all around the world, including the United Kingdom, United States, Philippine Islands, Namibia, Nigeria, and India. In developing economies, it enables un-banked individuals to receive welfare benefits, wages, loans, and money transfers, among other financial transactions. 

NET1 has been recognized by the International Finance Corporation with significant investments for its work in aiding the poorest residents of South Africa.

In 2017, Serge Belamant retired as Chief Executive Officer and Director of Net1 EUPS Technologies.

Most recently, Serge Belamant is the chairman of Zilch Technology Limited, in London, England, a company he co-founded with his son, Phillip. He holds five patents and speaks two languages and is still at the forefront of IT innovation.


Retirement of Serge Belamant & the legacy of NET1

In 2017, Serge Belamant retired as Chief Executive Officer and Director of Net1 UEPS Technologies. He remained a vital consultant to the company through 2019.

Fair award by RSA Govt of contract to pay all social grants

In 2012, NET 1 expanded its work with SASSA to bring more and better financial capabilities to South African cardholders. To do so, Belamant invented new technologies that included Variable PIN, morphing, and a biometric engine that granted cardholders access to additional financial applications, including card-based loans and multiple wallets. These allowed cardholders to allot monies to individual channels for bill-paying purposes. In that year, NET1 received the Fair Award from the Republic of South Africa government. This was a massive award which paid all the grants in the country for over 10 million beneficiaries. Belamant and NET1 were awarded this distinction based upon multiple innovations in technology.

Listing on the NASDAQ by Serge Belamant

In 2005, NET1 Technologies completed a public offering and was listed on the Nasdaq stock market, meeting strict financial and shareholder requirements. As a publicly traded company on NASDAQ, NET1 now had a greater opportunity to raise financial capital and expand its market reach.

Purchase of Cash Payment Services

In 1999, NET1 went on to purchase Cash Payment Services (CPS) from the First National Bank of South Africa.

This enabled the company to revitalize payment systems to the most rural areas of the region and allowed the South Africa Social Security Administration (SASSA) to improve the speed, accuracy, and security of their financial distributions. Net1 was also instrumental in linking operation with local points of sale and automated teller machines to provide cardholders with expanded access to their money.

Landmark agreement with VISA to develop COPAC

NET1 UEPS Technology was founded in 1989 by Serge Belamant, a founding patent-holder of blockchain technology.

In 1995, using proprietary technologies including the Funds Transfer System (FTS) and the Universal Electronic Payment System (UEPS), NET1, working for VISA and spearheaded by Belamant, created COPAC — the Chip Offline Pre-Authorized Card. This enabled millions of un-banked individuals to send and receive payments electronically and revolutionized the financial capabilities of people in emerging nations.

Founding of NET1 and the development of the Funds Transfer System patent



Further Resources


A Conversation with Serge Belamant: Human Dignity & The Welfare State - Professional Tales


CEO of Net1, owner of CPS Serge Belamant speaks out on SASSA crisis


CEO Spotlight: Interview with Former NET1 Technologies' CEO Serge Belamant On the Future of Biometrics > CEOWORLD magazine


August 30, 2020

Founder, Serge Belamant Discusses NET1 Technologies' Legacy in South African Welfare | TechBullion


August 28, 2020

History and Key Milestones of NET1 Technologies - EconoTimes


August 18, 2020

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