NAGA announces new payments platform

NAGA Group AG has recently announced a new payments arm, as it launches NAGA Pay. The new platform will be run alongside VISA and in collaboration with Contis – NAGA’s new program that offers its users the means to link up and gain access to any funds held first-hand in their brokerage and payment wallets. When licensing is assessed in Q4 of this year, users will also be able to manage their physical crypto-wallets.

The new app will provide a direct payment service backed by all available asset classes on the NAGA platform. It will be driven by payments solutions provider Contis, which offers its services to financial establishments and FinTechs thanks to Contis, the app will be able to access EEA and UK payment rails, alongside the addition of a globally acknowledged VISA Debit Card. Initial personal accounts for clients are due in Q3 of 2021, once regulators approve them.

NAGA announces new payments platform

Benjamin Bilski, CEO of NAGA, said:

Benjamin Bilski, Naga Group

Benjamin Bilski
Source: LinkedIn

 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.

The new card will use buffer technology from Contis to allow users to use active portfolio investments and convert them instantly into fiat at the point of sale. Transactions will then be instantly financed on a real-time basis by using available asset values on the NAGA platform. Users can then choose whether their live stocks & shares portfolio or personal account goes on to fund their card transaction when they reach the checkout.

NAGA Pay is set to provide a comprehensive digital account opening procedure and will be available as either a basic Free account or a paid Premium solution. Perks of the premium account include unique offers, smaller fees for withdrawals, higher limits for transactions and top-level support for customers. NAGA also announced plans to go ahead with fully licensing its blockchain and cryptocurrency division, having hired a professional and dedicated team to aid the process.

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