MasterCard reports higher quarterly profits as consumers use cards more

PURCHASE, N.Y., Wed May 2, 2012 – MasterCard Inc. the world’s second-largest credit and debit card network, reported higher quarterly profits as consumers spent more with their cards.

Net income in the first quarter was $682 million, or $5.36 a share, compared with $562 million, or $4.29 a share, a year earlier, the company said on Wednesday.

Cardholders made $629 billion of millions of purchases worldwide in the quarter, up 17 percent from a year earlier, the Purchase, New York-based company said.

Visa Inc., the MasterCard’s larger competitor in card payment processing, is scheduled to report its results following the close of New York Stock Exchange trading.