Payments network operator MasterCard Inc. reported a bigger-than-expected quarterly profit as the value of transactions processed on its cards jumped 13 percent.

MasterCard’s gross dollar volume – the total value of transactions made by customers – rose to $1.16 trillion on a local currency basis.

Cross-border volumes – the value of transactions made by card holders outside the card-issuer’s country – jumped 16 percent.

The company’s net income fell to $977 million, or 86 cents per share, in the third quarter ended Sept. 30, from $1.02 billion, or 87 cents per share, a year earlier.

Net revenue rose 1.6 percent to $2.53 billion.

Excluding items, the company earned 91 cents per share, beating the average analyst estimate of 87 cents per share, according to Thomson Reuters.

Up to Wednesday’s close, the stock had gained about 16 percent this year, underperforming rival Visa Inc.’s 20 percent increase.

MasterCard Beats Profit Estimates As Customers Spend More

by Reuters time to read: 1 min