Brazil's XP launches a digital account with a debit card, real-time payments, and withdrawal

XP's digital account will be available to the investment platform's whole client base by October

Thiago Maffra, XP's CEO. Photo: Courtesy

20.Jun.2022 13:16 BRT
UPDATED 13:23 BRT

A few days after launching its wholesale bank, Brazil’s investment platform XP expanded its financial services offer by launching a digital account with banking services such as payments, Pix (the Brazilian real-time payments system), transfers, withdrawals, and debit card. Clients will also be able to request salary portability to XP.

With its own digital account, XP creates one more solution to increase retention and recurrence in its user base, today about 3.5 million customers – the digital account is already available for about 300,000 customers and, until October, it will be expanded to the whole base. According to Thiago Maffra, CEO of XP, the company aims to offer the necessary services so that people can manage their entire financial life through XP’s platform and app.

“XP’s digital account is part of our strategy to serve our clients in everything they need in their day-to-day lives. Our clients are already with us for what requires stronger confidence, which is the management of their investments. We expect that with the digital account there will be a natural movement of these clients to bring more and more assets to XP. By concentrating all the clients’ financial life in our ecosystem, we will be able to increase our share of wallet in assets under custody”, he said.

How XP’s digital account works

At first, the digital account will be available only for XP clients who already have an active investment account and credit card. By making the digital account, these clients will be able to activate the debit function in their cards and use them in the main digital wallets in the market. In addition, they will also be able to make withdrawals at Rede24h ATMs, with up to four free withdrawals per month.

To open a digital account, the client must be an individual, over 18 years old, holder of an investment account at XP, and have the app on his cell phone (with token enabled). There are no account opening or maintenance fees and the entire opening process is done through the app.

The branch and digital account numbers will be the same as the investment account, but the institution code will differ. Thus, the client will have an investment account with the XP broker code (102) and another with XP bank (348). Both operate separately, but within the same app.

Until October, the product will be available to all XP clients, regardless of whether they have a credit card.