Visa Inc quarterly profit rise 18 percent

(Reuters) - Visa Inc on Wednesday reported an 18 percent rise in quarterly profit, as the payments network processed more transactions on the back of higher consumer spending and a strong U.S. economy.

Visa said total payments volumes jumped 11 percent, while the number of processed transactions rose 11 percent.

Net income at the world's largest payment processor rose to $2.98 billion, or $1.30 per Class A share, in the first quarter ended Dec. 31, from $2.52 billion, or $1.07 cents per Class A share, a year earlier.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur)