Mastercard on Wednesday reported record quarterly revenue and profit, with much of the growth coming from transactions processed outside the U.S.

For the first quarter, the company reported adjusted earnings per share of $1.41 on revenue of $3.6 billion. Analysts had forecast earnings of $1.25 per share on revenue of $3.25 billion.

Revenue was up 31% compared to a year ago and more than doubled the growth rate of arch rival Visa, which reported a 13% uptick in first-quarter revenue last month. Gross dollar volume rose 14.1% to about $1.41 trillion and purchase volume jumped 14.5% to $1.03 trillion.

“We’re off to a very strong start to the year, with record revenue and earnings this quarter, as we continue to execute against our strategy,” Mastercard CEO Ajay Banga said in a news release. “We are investing in areas such as safety and security and our digital solutions to drive long-term growth, with a focus on delivering simple and secure transactions across all channels.”

As The Motley Fool reports, “Mastercard’s international exposure helped play a major role in boosting the company’s revenue and earnings to start 2018.”

First-quarter gross dollar volume was higher by 23.5% overseas compared to a 10.5% rise in the U.S. market. “Although currency impacts played a huge role in international outperformance, volumes were higher by [15.7%], even when measured in local currencies,” The Motley Fool said.

“Similar disparities in purchase volume and cash transactions make it clear that Mastercard’s future depends on continued penetration into the global markets,” it added.

CFRA analyst Scott Kessler believes Mastercard will continue to benefit from the transition from cash and check payments to electronic payments.

“Mastercard has multiple growth avenues, including international expansion, market share gain potential, mobile payment development and prepaid,” he said. “That said, we see rebates and incentives remaining high in the near term as merchants push for lower fees and competition grows from alternative payment technologies.”

The company also raised its 2018 growth forecast for adjusted net revenue to high-teens from mid-teens.

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