MasterCard has reported a net income of $1.02bn for the third quarter of 2014, a 15% increase compared to $879m for the same period of 2013.

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Net revenue for the third quarter of 2014 was $2.5bn, a 13% increase compared to the previous year period.

Cross-border volume increased 15%, while processed transactions jumped 10% to 11 billion. Gross dollar volume, meanwhile, rose 12% to $1.2 trillion, on a local currency basis.

Total operating expenses increased 12%, both as-reported and adjusted for currency, to $1.1bn, during the third quarter of 2014 compared to the same period in 2013.

Operating income for the third quarter of 2014 increased 14% over the year-ago period, or 13% adjusted for currency, and the company delivered an operating margin of 56.7%.

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Ajay Banga, president and CEO of MasterCard, said: "We delivered strong results for the quarter, reporting double-digit revenue and net income growth, despite a mixed economic environment.

"We also continue to invest and partner to make payments safer, easier and faster. Within the past two months alone, we opened our new technology hub in New York City, delivered our technology and security protocols as part of the launch of Apple Pay and partnered with the Transport for London to deliver contactless payments system-wide."