NAGA Taps Visa to Launch Payments Platform in Q3

Monday, 14/06/2021 | 12:42 GMT by Arnab Shome
  • The company is combining payments, brokerage and crypto on a single platform.
NAGA Taps Visa to Launch Payments Platform in Q3
FM

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. 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 .

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.

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. 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 .

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.

Topics
payments
Naga
Naga Group
About the Author: Arnab Shome
Arnab Shome
  • 6566 Articles
  • 91 Followers
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

More from the Author

FinTech

FM's Andrea Badiola Mateos at LSEG's Cyprus event

FM's Andrea Badiola Mateos at LSEG's Cyprus event

FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event

FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
More Videos

  • The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

    The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don't miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

    The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 Stay updated with the latest in finance and trading! Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/ 👍 Facebook: https://www.facebook.com/financemagnates/ 📸 Instagram: https://www.instagram.com/financemagnates_official 🐦 X (Twitter): https://twitter.com/financemagnates/ 📡 RSS Feed: https://www.financemagnates.com/feed/ ▶️ Telegram: https://t.me/financemagnatesnews Don't miss out on our latest videos, interviews, and event coverage. 🔔 Subscribe to our YouTube channel for more!🔔

  • Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

    Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24

  • 🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

    🌟 Explore cutting-edge solutions and connect with fintech leaders at FMLS:24!

  • 🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!

    🤝 Meet industry leaders at the premier event for brokers – FMLS:24. Secure your spot today!