M&S and HSBC UK have agreed a new seven-year deal focused on enhancing M&S’ credit and payments offering through M&S Bank, bringing together digital payments and loyalty for M&S customers.
The RetailX UK Top500 leading retailer has two million credit card users, spending incrementally more than customers without a M&S credit card and representing c.16% of M&S’ turnover. 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.
Furthermore, 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.
Katherine Carlson, director of financial services at M&S, said: “Over recent years, we’ve been working with HSBC UK to focus our offer so we can bring our customers the very best products, services, and rewards every time they shop with us.
“The new agreement will enable us to build on the work already done by bringing together loyalty and digital payments, and more seamlessly rewarding our M&S Financial Services customers.”
The leading retailer explained that its customers’ payment needs had evolved in recent years requiring more digital solutions and greater integration.
“It has been fantastic working with our M&S retail partners to ensure our customers get the best and most integrated customer experience and we’re excited about the potential of what’s to come, as we work together even more closely to make it even easier for our customers to shop, pay, earn and redeem rewards with M&S, all in one place,” added Paul Spencer, CEO, M&S Bank.
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