NET1 Technologies and its History of Financial Technology Innovation
Summary
Journalist Stafford Thomas called Belamant the Henry Ford of Information Technologies, recognizing both his and NET1’s vision and impact on the country at large. Today, NET1 Technologies continues to trade on the NASDAQ under the ticker symbol UEPS — a clear nod to the intellectual property that has enabled the company to accomplish many of its major projects. Serge Belamant led the company through the development of several new solutions, including morphing, variable PIN usage and a 1:N Biometric Comparison Engine. Cards could now be used offline without sacrificing verification or access to financial products (i.e. loans, debit orders, credit interest accumulation, etc. In South Africa at the time, this type of verification was absolutely necessary in order to prevent fraud at older ATMs that had outdated security measures and weren’t being replaced with newer machines.
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