The words "Charge it!" are apparently becoming more common domestically and around the globe with payment processing facilitator MasterCard (NYSE: MA) handily thumping Wall Street's expectations with the release of its third-quarter earnings results this morning.

For the quarter, MasterCard reported an increase in revenue of 16% to $2.22 billion from the prio- year period while net income rose 14% to $879 million and adjusted EPS jumped 18% to $7.27. By comparison, the consensus on the Street was for $2.14 billion in revenue and $6.94 in EPS.

Double-digit transaction volume growth was witnessed in all markets with the exception of the U.S. and Canada, which delivered gains of 9.2% and 9.6%, respectively. Cross-country processed transactions volume (i.e., everything outside the United States) increased 19%, aided most by Latin America and its Asia Pacific-Middle East region which produced 23.6% and 21% growth. This figure is important because MasterCard CFO Martina Hund-Mejean has previously noted that 85% of global transactions are still done in cash, so overseas markets represent MasterCard's biggest growth opportunity.

Gross dollar volume (GDV) processed through its network also rose 15% to $1.05 trillion from the previous year. Surprisingly, if you include currency effects, Europe with its numerous ongoing austerity measures was the biggest source of growth here with an 18.8% increase in GDV from the previous year.

It should also be noted that MasterCard's debit-card program has remained a big reason why it's able to deliver double-digit revenue and income increases. Outside the U.S., GDV for debit cards grew 21.9% in U.S. dollars with purchasing volume up 21.9% as well. In the U.S. purchase volume growth with debit cards was a bit more subdued, but still improved by 11.6%.

Finally, the company announced the repurchase of $345 million worth of shares during the quarter and notes it still has $912 million remaining under its current share repurchase agreement.

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Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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