UPDATE 1-Mastercard's profit rises on higher consumer spending

(Adds details from earnings, share price)

Oct 31 (Reuters) - Mastercard Inc posted a quarterly profit on Tuesday that was higher than Wall Street's expectations, fuelled by increased consumer spending globally and maintaining market share over other payment channels.

The total value of transactions processed world wide, known as 'gross dollar volume', rose 11 percent to $1.35 trillion.

Mastercard, which has a large international business, got a big boost from consumer spending outside the United States, with its cross-border volumes the value of transactions made by overseas card-holders rising 15.1 percent on a local currency basis.

Total operating expenses rose 20.4 percent to $1.46 billion on costs partly related to buying digital payments company Vocalink.

Shares rose 1.4 percent to $151 in premarket trading.

Net income rose to $1.43 billion or $1.34 per share in the third quarter ended Sept 30, from $1.18 billion or $1.08 per share. http://mstr.cd/2gYxlhy

Analysts on average were looking for $1.23 per share, according to Thomson Reuters I/B/E/S.

Net revenue rose 18 percent to $3.40 billion.

Mastercard's bigger rival Visa Inc posted a rise in quarterly profit that beat estimates, fuelled by higher spending.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Bernard Orr)