Social Trading Firm NAGA Launches Payments Platform

Hamburg-based social 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, NAGA (XETRA: N4G) announced on Wednesday the launch of its 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, NAGA Pay. The new service will include UK and European payments, along with the offering of a Visa debit card.

With the payments platform, NAGA clients can open an IBAN and a brokerage account together. Additionally, users can use NAGA's copy trading services from the payments app. Furthermore, the company is seeking regulatory approval for offering physical crypto wallets as well.

“We worked hard to deliver the new functionalities and are excited about the possibilities NAGA Pay offers to our customers,” said Benjamin Bilski, the NAGA CEO.

The launch did not come as a surprise as the German company already expected to launch the payments platform in the third quarter of this year.

Combining Trading and Payments

NAGA payments services can be seen as complementary to its existing trading services as it is integrated into the entire NAGA trading infrastructure. While customers can access usual payments services, they can use the wallet holdings for trading activities.

Bilski added: “With NAGA Pay, we are expanding our target group by hundreds of millions of users, diversifying our income streams, and have completely new ways of acquiring and retaining customers. NAGA Pay will become extremely relevant to our marketing mix.”

NAGA is now planning to offer multiple payment sources at the point of sale, meaning users will have the option if they want to choose with the wallet balance or instantly divest a portion of their investment portfolio for making payments. Moreover, it will allow crypto payments, using Bitcoin and Ethereum, if regulatory permission is granted.

“This version is just the start of our very own AppStore for financial services. Furthermore, we will expand into wealth management, saving plans and a strong loyalty offering for our active clients,” the CEO said.