🛍️ Shein Partners with Stori for Credit Card
Shein, the global fast fashion giant, has introduced its first credit card. It partnered with Mexico-based fintech company Stori. Announced on October 25, 2024, the card is supported by Mastercard, making it usable worldwide. While Shein is known for offering affordable fashion, this card is aimed at expanding its financial services, specifically targeting Mexican consumers.
💳 Card Features and Rewards
The Shein-Stori card comes with various incentives. Users receive 250 "Shein welcome points" upon sign-up and earn double points for purchases on the Shein Mexico platform. Purchases made outside of Shein, both in Mexico and internationally, also earn points. This approach aims to boost customer loyalty and engagement in Mexico. It is available in physical and digital formats for ease of use.
🌎 Focus on Financial Inclusion
The new card is designed to address financial inclusion challenges in Mexico. Many Mexicans have faced difficulty accessing credit, and Shein sees this card as a way to bridge that gap. The card boasts a 99% approval rate, making it accessible to a broad range of consumers. According to the release, this initiative is part of Shein's strategy to enhance its customers' shopping experiences in the region.
🤝 Strategic Alliance with Stori
Stori’s chief growth officer, Marlene Garayzar, emphasized the importance of the partnership, noting that Stori is Shein’s first partner for such a credit card. "We have created a tool that facilitates access to credit, and rewards everyday use," Garayzar said. Ted Wang, Shein's head of global payments, called the collaboration a "natural step" in enhancing their users' experience. Whether Shein plans to expand this program to other countries remains to be seen.
How will Shein’s credit card impact financial access?
