MasterCard, the world's second-largest credit and debit card network, reported fourth-quarter revenue of $1.9 billion, an increase of 9.7% from a year earlier. Card use increased as consumers continue to switch from cash and checks.
Purchase volume increased 13% from a year ago. Transactions processed increased 20% to 9.2 billion, a drop from the 24% growth rate in the third quarter.
U.S. credit purchase volume increased 4.1% to $140 billion, compared with a 3.2% growth rate in the third quarter.
MasterCard profit increased to $605 million, up from $19 million a year earlier. Profit in the fourth quarter of last year was affected when the company took a litigation charge of $495 million.