M&S and HSBC UK agree partnership

The seven-year partnership will enhance the credit and digital payment services M&S offers through M&S Bank

UK retail business Marks and Spencer (M&S) has signed a new seven-year partnership with HSBC. M&S closed its current and saver accounts and M&S Bank branches in 2021 to focus on credit and digital payments. It 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.

This isn’t the first time the pair have partnered. Over recent years, the existing partnership has focused on transforming the M&S financial services offering to deliver a better, more relevant, and modernised experience for M&S customers. Today’s announcement is the next stage in the transformation to drive loyalty and offer a more connected digital shopping experience for M&S customers.

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 at HSBC UK, said: “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.”

Paul Spencer, chief executive officer of M&S Bank, said: “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. To support this, over the past year we have launched the digital payment solution, Sparks Pay, for use across all M&S stores, in addition to shopping via M&S.com and the app.

“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.”

The moves come hot on the heels of HSBC offering a new international payments app, which launched in January of this year.

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Robert Welbourn Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.