The NAGA Group AG

  • WKN: A161NR
  • ISIN: DE000A161NR7
  • Land: Deutschland

Nachricht vom 14.06.2021 | 13:43

The NAGA Group AG: NAGA Pay announces its payments arm with the launch of NAGA Pay with VISA and in partnership with Contis. NAGA Group initiated to license it's cryptocurrency division

DGAP-News: The NAGA Group AG / Key word(s): Alliance/Product Launch
14.06.2021 / 13:43
The issuer is solely responsible for the content of this announcement.

NAGA Pay announces its payments arm with the launch of NAGA Pay with VISA and in partnership with Contis. NAGA Group initiated to license it's cryptocurrency division

  • NAGA Pay to be launched in Q3
  • VISA approved card program for EEA and UK
  • NAGA initiates process of licensing its' crypto and blockchain division

Hamburg, June 14th, 2021 - NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7), provider of the social network for financial market trading NAGA.com, announces the launch of its revolutionary payment's platform NAGA Pay, with UK/EEA payments and VISA Debit Card. NAGA's unique program will offer users the opportunity to link and access funds held directly in their payment and brokerage wallets as well as their physical crypto-wallets, the latter being subject to licensing later in Q4.

NAGA is yet again delivering on its promise of designing and deploying disruptive products that users can apply to better the way with which they interact concerning their funds and investing decisions. NAGA Pay will offer direct payment services supported by all asset classes available on the NAGA Trading Platform. The all-new NAGA Pay app is powered by Contis, one of Europe's leading providers of payments solutions to FinTechs and financial institutions. By virtue of Contis, NAGA gains access to the UK and EEA payment rails, as well as adding a globally recognized VISA Debit Card accepted with over 140 million merchants worldwide.

The delivery of the first personal accounts is expected by Q3 2021, subject to receiving all regulatory approvals.

Benjamin Bilski, CEO of NAGA, 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."

The all-new NAGA Pay and VISA Debit Card will allow users to utilize their active portfolio investments, converting instantly to fiat at the point of sale by utilizing the award winning Contis buffer-technology. Transactions are immediately funded in real-time using the users' available assets' value on the NAGA platform. At checkout, users can opt whether their personal account or their active stocks & shares portfolio should fund their card transaction, with a simple selection on their app. For example, a customer with a credit balance of €500 on NAGA Pay and €500 in Apple shares can decide which asset is selected for a payment using their VISA Card. Subject to licensing its crypto and blockchain division later in the year, NAGA plans to add cryptocurrencies as a payment option and an addition to the buffer.

NAGA Pay will offer a fully digital account opening process and will be offered as either a standard Free or Premium (€ 4.99 per month) solution. The premium account will have lower fees for withdrawals, dedicated offers, premium customer support and higher limits for transactions. Users can subscribe to the waiting list at https://www.naga.com/pay.

In closing, NAGA wishes to announce its plans to fully license its cryptocurrency and blockchain division and has hired a dedicated and specialized Team to that effect. "Crypto is here to stay and will. We do believe however, that regulation and licensing will be a major factor for all players in the future. Given our expansion into payments and our plans to allow instant cryptocurrency spending as well as the rising demand by our clientele for spot-crypto, we started the process of obtaining proper licensing for our crypto products as well as hired a dedicated Team to improve and expand our cryptocurrency offering at NAGA", adds Bilski.


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About NAGA

NAGA is an innovative fintech company that seamlessly connects personal finance transactions and investments through its social trading platform. The company's proprietary platform offers a range of products from stock trading, investments and cryptocurrencies to a physical VISA Card. Additionally, the platform allows for exchanges with other traders, provides relevant information in the feed, and autocopy features for successful members' trades. NAGA is a synergistic total solution that is easily accessible and inclusive. It provides an improved foundation to trade, invest, network, earn and pay.

Press-Contact:
Andreas Luecke,
The NAGA Group AG
press@naga.com
www.naga.com 



14.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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