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M&S and HSBC UK agree new seven-year partnership to enhance credit and payments offering

Date:

  1. Partnership Overview:
    • Marks and Spencer (M&S) signs a new seven-year partnership with HSBC UK to enhance credit and digital payment services offered through M&S Bank.
    • The collaboration aims to bring together digital payments and loyalty for M&S customers, enhancing the digital shopping experience.
  2. Focus Areas:
    • M&S plans to expand its credit offering, building on initiatives like the M&S Club Rewards program, which offers extra loyalty points and treat vouchers to members.
    • The partnership will focus on uniting M&S’ rewards, digital payments, and credit offerings to create a more accessible and personalized in-app experience for customers.
  3. Previous Initiatives:
    • The partnership between M&S and HSBC UK has previously digitized M&S rewards vouchers and launched digital payment solution Sparks Pay using in-store QR payment technology.
  4. Customer Base:
    • M&S Bank claims to serve over two million credit card users, representing around 16% of M&S’ turnover.
  5. Background:
    • M&S Money, founded in 1985 as the financial arm of M&S, evolved into M&S Bank in 2012 after HSBC acquired Marks and Spencer Retail Financial Services Holdings Ltd in 2004.

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