NAGA Taps Visa to Launch Payments Platform in Q3

Hamburg-based NAGA Group (XETRA: N4G) announced on Monday the upcoming launch of its much-awaited Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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. Additionally, the platform will 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 Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.

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 of 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. Furthermore, it reported record revenue for the past few quarters and raised $30 million earlier this year to boost its services.