Shein is launching a branded credit card in partnership with Mexico-based fintech startup Stori, according to a Wednesday press release sent to Fashion Dive.
Though the card will be accepted globally through backing from Mastercard, it specifically targets the Mexico market.
The card will offer users 250 “Shein welcome points” and double points on all purchases made on the Shein Mexico platform. Users are awarded one point for purchases outside of the store, both nationally and internationally, per the release.
This is the first credit card offered by the fast fashion giant.
In the release, Ted Wang, head of global payments for Shein, said the partnership marked a “natural step” toward enhancing its users’ shopping experience.
A Shein spokesperson didn’t immediately respond to questions about whether the company has plans to extend the credit card program.
The card is meant to “tackle financial inclusion challenges in Mexico, where many consumers have historically faced limited access to credit,” the press release stated. The card has a 99% approval rate, per the release, and is available in both physical and digital formats.
“We are very proud to be the first partner in the world with which Shein has made this kind of
Alliance,” Marlene Garayzar, chief growth officer and founder of Stori, said in the release. “We have created a tool that facilitates access to credit, and rewards everyday use, in addition to always ensuring that users receive information on how to use it responsibly.”
