UK retail giant M&S and HSBC UK have signed a new seven-year deal focused on enhancing M&S’ credit and payments offering through M&S Bank and bringing together digital payments and loyalty for M&S customers.
The new agreement will enable M&S to bring together rewards, Sparks, digital payments and credit to create an easier to access and more personalised in-app experience for customers where they can shop, pay, earn and redeem rewards all in one place. Over the last 18 months, the partnership has digitised M&S rewards vouchers and launched Sparks Pay – a digital payment solution, with in-store QR payment technology.
Additionally, M&S will work with HSBC UK to build on its credit offering through M&S Bank. This will extend on the work already done including the launch of a credit card rewards membership – M&S Club Rewards – with members earning extra loyalty points, treat vouchers, and more under the scheme, for a fee.
“Working alongside M&S, we have been supporting the financial needs of M&S shoppers since 2004,” Jose Carvalho, head of wealth and personal banking, HSBC UK. “During this time, the M&S financial services offering has continued to evolve and today we’re proud to combine market-leading lending and payment solutions with the M&S rewards enjoyed by so many customers.
“Together, we’ve created a unique offering designed specifically for M&S shoppers, and we’re looking forward to building on what has been delivered to-date as we continue to evolve to meet the changing payment and borrowing needs of millions of M&S customers.”
M&S Bank (the trading name of Marks & Spencer Financial Services) launched in 2012 on the foundations of M&S Money, which was established in 1985 as the financial services division of Marks and Spencer. In November 2004, HSBC bought 100 per cent of the share capital of Marks and Spencer Retail Financial Services Holdings Limited. Today, M&S Bank is a wholly owned subsidiary of HSBC UK, it has its own banking licence and its own board.
