M&S and HSBC UK have signed a new agreement. The agreement is focused on M&S’ credit offering, payment solutions and bringing together digital payments and loyalty for M&S customers.

Over recent years, the partnership has focused on transforming the M&S financial services offering to deliver a better, more relevant, and modernised experience for M&S customers. The announcement is the next stage in the transformation to drive loyalty and offer a more connected digital shopping experience for M&S customers. 

M&S’s credit card users represent 16% of M&S’ turnover

M&S’s two million credit card users spend more than customers without a M&S credit card and represent 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.

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.”

Jose Carvalho, Head of Wealth and Personal Banking, HSBC UK, added: “Working alongside M&S, we have been supporting the financial needs of M&S shoppers since 2004. 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.”

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