NAGA Pay combines an IBAN account, a VISA debit card, a share deposit, copy trading and physical crypto wallets. The solution will offer direct payment services supported by all asset classes available on the NAGA trading platform. The app is operated by Contis, which gives NAGA access to payments in the EU and the UK, as well as a globally recognised VISA debit card. The delivery of the first personalised accounts and cards is expected in Q3 of 2021, subject to all regulatory approvals.
Both NAGA Pay and its VISA debit card will enable Contis’ ‘Buffer’ technology to convert payment sources into Fiat immediately at the point of sale. With a selection in the NAGA app at the till, users can decide whether their personal account or active equity and share portfolio should finance their card transaction. According to a NAGA representative this means that if a user has a balance of EUR 50 on their card and EUR 500 in shares, they may use the app to decide which asset will be selected for their payment at the checkout. In addition, cryptocurrencies such as Bitcoin or Ethereum can be selected as a means of payment via real-time exchange.
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