Amid the closures, the bank will launch a “digital credit” product — thought to be a buy now, pay later schemeM&S Bank is to shut all its branches, close current accounts used by up to 150,000 customers and launch a “digital credit option” that appears to be an in-house buy now, pay later scheme. The bank, which is underwritten by HSBC, is to shut all 29 of its branches, based in Marks & Spencer stores, in July and its current accounts in August. It claimed that it was responding to changing banking habits and said that the move would affect “up to 5 per cent” of its three million customers. SponsoredM&S Bank said that it would continue to offer insurance, savings accounts and loans and would add new features to its reward card. It also will launch a cardless digital product in the summer through

Source: The Times March 05, 2021 00:02 UTC