During his time with Control Data in the early 80s, Serge Belamant successfully created the first scientifically driven financial system using only Control Data equipment. After this time he became a consultant for Bancorp, during which he created a 10-step program for analyzing risk and testing business sustainability. He was soon acquired by SASWITCH, a South African ATM company that had fallen on hard times. This was in large part instigated after sanctions were placed on it. As a result of his revolutionary innovations for them, SASWITCH was the second largest ATM company in the world by the end of the 80s.
In 1989 Serge Belamant made his biggest innovation for SASWITCH. This invention is now recognized as the earliest iteration of cryptocurrency technology. However, SASWITCH, which was owned by the banks of South Africa, opted not to use it since the banks feared that it was so good it would render their infrastructures useless. As a result of this, Belamant quit SASWITCh and started his own company called Net1 Technologies where he manufactured and sold Smart Cards with this technology. For its first few years, NET1 did not do that well. Its big breakthrough came in 1995 when VISA hired Serge Belamant to invent fraud software for them using his NET1 technology.
The result was Chip Offline Pre-authorized Card, which still remains in use by VISA. Things kept on getting better for that and they were soon listed on the Johannesburg Stock Exchange. In 1999 Net1 purchased and absorbed Cash Payment Services which paid welfare grants for the South African government. Net1 so excelled at his new role that its services in this area now also include Botswana, Burundi, Ghana, Iraq, Russia, and Namibia. By the turn of the millennium, Net1 was doing so well that by 2005 Net1 was securely listed as a public company on the NASDAQ in New York. During that same year, Serge Belamant was made the company’s Chairman and CEO in the tech world.