M&S and HSBC team up for seven-year deal with loyalty super app in the works
M&S and HSBC join forces for seven years, creating a loyalty superapp.
Marks & Spencer (M&S) and HSBC are set to announce a new seven-year partnership that includes the development of a loyalty super app, according to Sky News^.
The deal signifies a long-term commitment between the retailer and the bank, with HSBC's UK arm already owning M&S Bank. Sources close to the companies revealed negotiations focused on finalising the agreement before their current contract expires in the coming weeks.
This move stands in stark contrast to M&S's competitors Tesco and J Sainsbury, who have both recently announced plans to exit the financial services sector. M&S, however, appears to be taking the opposite approach, aiming to create a comprehensive super app that integrates payments, financial services, and their existing Sparks loyalty program. This could significantly enhance the customer experience and offer a one-stop shop for M&S shoppers.
While details of the super app are yet to be revealed, this partnership suggests a significant focus on customer loyalty and financial services for M&S in the coming years.
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