M&S and HSBC UK agree new seven-year partnership to enhance credit and payments offering
UK retailer Marks and Spencer (M&S) has signed a new seven-year partnership with HSBC UK to enhance the credit and digital payment services it offers through its banking arm, M&S Bank.
M&S and HSBC UK agree new partnership
M&S, which closed down its current and saver accounts and M&S Bank branches in 2021 to focus on credit and digital payments, says this new collaboration will be focused on “bringing together digital payments and loyalty for M&S customers” and offering a “more connected digital shopping experience”.
M&S plans to leverage the partnership to expand its credit offering, building on previous initiatives like the introduction of its credit card rewards membership programme, M&S Club Rewards. Through this programme, which requires a fee, members can earn extra loyalty points and treat vouchers.
The new deal is an expansion of the companies’ existing partnership, which has seen the two firms work to digitise M&S rewards vouchers and which also saw the launch of digital payment solution Sparks Pay over the last year, which leverages in-store QR payment technology.
The duo will now work to unite M&S’ rewards, digital payments and credit offerings “to create an easier to access and more personalised in-app experience for customers”.
M&S Bank’s CEO Paul Spencer says: “Our customers’ shopping and payment needs have continued to evolve in recent years, and offering more digital solutions and greater integration is key to meeting these needs.”
M&S Bank claims to serve over two million credit card users, whose spending represents around 16% of M&S’ turnover.
M&S Money was founded as the financial arm of M&S in 1985, ultimately evolving into M&S Bank in 2012. This transformation occurred after HSBC acquired 100% of the share capital of Marks and Spencer Retail Financial Services Holdings Ltd in 2004.
