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UPDATE 1-Strong consumer spending drives Mastercard profit beat

(Adds analyst estimates, gross dollar volume, transaction volume)

Oct 29 (Reuters) - Mastercard Inc on Tuesday beat Wall Street estimates for quarterly profit as customers shrugged off fears of an economic slowdown and spent more with their credit and debit cards, boosting fees for the world's second-largest payment processor.

The company's gross dollar volume, the dollar value of transactions processed, rose 12.4% to $1.65 trillion in the third quarter.

Around 28.2 billion transactions were processed, up about 22% from a year earlier. The gain was led by a near 12% rise in the United States and a 31.4% jump in Europe.

Larger rival Visa Inc and credit card issuer American Express Co had also reported better-than-expected quarterly earnings, benefiting from a rise in consumer spending.

Cross-border volumes at Mastercard jumped 17% from a year earlier.

The company's net income rose to $2.11 billion, or $2.07 per share, in the third quarter ended Sept. 30 from $1.9 billion, or $1.82 per share, a year earlier. 1/8https://mstr.cd/2MU7DYs 3/8

Excluding one-time items, the company earned $2.15 per share, while analysts had expected a profit of $2.01 per share, according to IBES data from Refinitiv.

Shares of the company were up 1.6% at $280.3 in premarket trading. (Reporting by Bharath Manjesh and Ayanti Bera in Bengaluru; Editing by Anil D'Silva)