Top News In Payments: Citigroup Names Consumer Banking Exec, QuickQuid Expected To Close

Top News In Payments

In today’s payments news, Citigroup veteran Jane Fraser was named to head up the company’s consumer banking division. Also, the U.K.’s largest payday lender, QuickQuid, is expected to close its doors by the end of the year. And Visa posted fiscal Q4 earnings results that surpassed expectations.

Citigroup Taps Jane Fraser To Lead Consumer Banking Division

Citigroup veteran Jane Fraser was named to head up the company’s consumer banking division after an upheaval in the ranks that puts her next in line to become the CEO. She will also assume the role of president, a position that has been open since Jamie Forese stepped down in April. Fraser replaces Stephen Bird, who left the firm to pursue other opportunities.

UK Payday Lender QuickQuid Expected To Shutter By Year-End

QuickQuid, the U.K.’s largest payday lender, is expected to close its doors by the end of the year. The U.S. owner of CashEuroNet U.K., which operates the On Stride and QuickQuid brands, is mulling its options after making known plans to leave its British operations. QuickQuid’s announcement was reportedly triggered by its parent company Enova’s inability to come to an agreement with U.K. regulators.

Amazon CFO Warns Of A Dimmer Christmas, Even With Better Delivery

Amazon’s revenue increased 24 percent year over year in the third quarter, reaching some $70 billion, which came out ahead of analysts’ estimates of $68.8 billion. Investors, however, didn’t take too kindly late Thursday (Oct. 24) to Amazon’s news that its Q4 revenue will come between $80 billion and $86.5 billion. By contrast, analysts had expected Q4 revenue to hit $87.4 billion.

PayPal CFO Says It Was Never Part Of Libra Association

PayPal Chief Financial Officer John Rainey said the digital payments firm was never officially part of the Libra Association. And while it was the first major brand to pull out, it did so only to focus on its own business strategies.

“We share Facebook’s vision to democratize financial services for those that are underserved,” Rainey said in an interview with CNBC. “Our decision to pull out and not go forward with Libra was made solely to focus on our priorities at PayPal.” He added that PayPal is focused on growth right now.

Trending: Mobile Order-Ahead Takes The Field

Mobile order-ahead is in use at concert as well as sporting venues, where attendees don’t need to wait in long concession lines anymore for their hot dogs or nachos. Mobile concessions ordering apps such as FanFood still encounter their fair share of logistical and security challenges, however. PYMNTS spoke with Dustin Hemesath, FanFood’s co-founder and national sales manager, about the app’s role in the space and the operating challenges it faces as it has grown.

Visa: Tap-To-Pay Gains Steam As B2B Volume Hits $1T, Annualized

Visa posted fiscal Q4 earnings results that surpassed expectations, driven by high single-digit percentage growth in payments volume and cross-border transactions — and where management said that B2B transactions topped $1 trillion on an annualized basis. Revenues were up 13.1 percent year on year to $6.1 billion, exceeding estimates by $60 million. And adjusted earnings per share came in at $1.47, above the Street by $0.04.



Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border. Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.