Brazil-Based Broker XP Launches Digital Bank Accounts

Brazil-based broker XP has launched free digital accounts with services as deposits, transfers, payments, and debit cards, without the account maintenance fees charged by the retail banks. 

Offering accounts with debit cards that may be used to receive salaries, XP will compete with the incumbent, traditional banks such as its shareholder Itau Unibanco and Banco Bradesco, but also with large Brazilian digital banks such as Nubank, which has 40 million clients and Banco Inter.

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XP is offering the bank accounts first to clients who already have investment accounts and credit cards and expects all clients of brokerage services to have access to the digital bank accounts by October 2022. 

(Source: The Paypers)