MasterCard's first-quarter profit rose 24 per cent, beating expectations, as consumers spent more money on their credit and debit cards.

MasterCard chief executive Ajay Banga, in a statement, cited "solid volume and processed transaction growth" and said the company continues "to launch new products, enter new geographies and open new acceptance channels."

Mr Banga, who took the company's helm last year, is increasingly turning MasterCard abroad for growth, in the face of US regulation and rival Visa's dominance of the US debit card processing market. The payments industry hopes to find new sources of revenue through processing mobile or e-commerce payments in developing countries, where most consumers do not yet use credit or debit cards.

MasterCard's quarterly revenue rose 14.8 per cent to $1.5 billion, and worldwide purchase volume increased 12.9 per cent on a local currency basis.

The company reported a profit of $562 million, or $4.29 per share. That compares with $455 million, or $3.46 per share, in the year-ago period.

Reuters