Hamburg-based social trading platform, NAGA (XETRA: N4G) announced on Wednesday the launch of its payments platform, NAGA Pay. The new service will include the UK and European payments, along with the offering of a Visa debit card.
With the payments platform, NAGA clients can open an IBAN account and a brokerage account together. Users can also use NAGAs 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 NAGA CEO Benjamin Bilski.
The launch did not come as a surprise as the German company was already expecting 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 also use the wallet holdings for trading activities.
Bilski added: “With NAGA Pay, we are expanding our target group by hundreds of millions of users, diversify 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. It will also 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. We will also expand into wealth management, saving plans and a strong loyalty offering for our active clients,” the CEO said.
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