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NAGA Taps Visa to Launch Payments Platform in Q3

www.financemagnates.com 14 June 2021 13:50, UTC
Reading time: ~2 m

Hamburg-based NAGA Group (XETRA: N4G) announced on Monday the upcoming launch of its much-awaited payments platform, called NAGA Pay, which will be available in the United Kingdom and the European Economic Area.

The payments app will offer a VISA debit card that can be accepted by 140 million supported merchants globally.

Making a Single Finance Platform

The press release shared with Finance Magnates detailed that the payments app will allow users to link and access funds held directly in their payment and brokerage wallets. The platform will further support physical cryptocurrency wallets, which are now pending licensing in Q4.

NAGA has tapped the services of Contis, a European payments solutions provider, for its new payment platform. Contis is the company behind the crypto debit card launched by Binance and Bitpanda.

NAGA is known for offering social trading services along with its regular brokerage services across multiple asset classes. The payments platform is expected to complement its existing services as it will offer direct payment services supported by all asset classes available on the NAGA Trading Platform.

The company is now waiting for further regulatory approvals. It has opened a waitlist for potential users and is expecting to deliver the first personal account by Q3 2021.

Commenting on the new product, NAGA CEO, Benjamin Bilski said: “Our first NAGA card offering suffered from technical limitations and did not meet all our customers’ needs. In choosing to work with Contis, we’ve gained a strong and highly experienced partner with a documented track record and industry leadership. Contis brings a proven ability to deliver large-scale payment solutions that enable the advanced conversion of invested assets to fund fiat transactions in real-time at the point of sale.”

Meanwhile, NAGA has been witnessing recording-breaking demand for its trading services for several months now. It also reported record revenue for the past few quarters and raised $30 million earlier this year to boost its services.

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