In order to concentrate on credit and digital payments, M&S shuttered its branches and current and savings accounts in 2021. According to the company, this new partnership would be aimed at "bringing together digital payments and loyalty for M&S customers" and providing a "more connected digital shopping experience."

Building on earlier initiatives like the launch of its credit card rewards membership program, M&S Club Rewards, M&S intends to use the relationship to extend its credit offering. Members who pay for this program can gain treat vouchers and additional loyalty points.

In order to "create an easier to access and more personalised in-app experience for customers," the two will now collaborate to integrate M&S's credit, digital payments, and rewards programs.

"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," states Paul Spencer, CEO of M&S Bank.

More than two million credit card customers, or around 16% of M&S Bank's total revenue, are allegedly served by the bank.

Established in 1985 as M&S's financial branch, M&S Money finally transformed into M&S Bank in 2012. Following HSBC's 2004 acquisition of all of Marks and Spencer Retail Financial Services Holdings Ltd.'s shares, this change took place.