SAN FRANCISCO ( TheStreet)- - Visa ( V) on Wednesday beat Wall Street expectations, fueled by growth in processed transactions and improved consumer spending trends. Visa reported net income of $716 million, or 97 cents a share, for its fiscal third quarter, vs. $729 million or 97 cents a share in the year-earlier quarter. The June quarter of 2009 included a large gain from the sale of shares of Redecard, its Brazilian card network that went public during the quarter. Excluding the impact of the sale of shares, the electronic payments network would have made $507 million, or 67 cents a share in the year-earlier quarter. Revenue rose 23% to $2.02 billion from double-digit increases in purchase volume, cross border volume and processed transactions globally. Visa noted data processing and processed transactions as particularly strong revenue growth contributors. Analysts on average expected the payments network to post a profit of 93 cents a share on $1.97 billion of revenue. Payments volume for the June ending quarter rose 14% compared to the year-earlier period to $803 billion. Total processed transactions rose 14% to 11.7 billion compared to the prior year's quarter, Visa said. "Visa delivered a solid financial performance during our fiscal third quarter as we saw continued improvements in global cross border and payments volume growth," said Visa's chairman and CEO Joseph Saunders. "As we look to the remainder of our fiscal 2010 year, we remain focused on integrating our recent acquisition of CyberSource, maintaining strong financial performance and expense control discipline." Still, Saunders noted that as a result of new financial reform measures signed into law this month by President Obama, the debit market -- a market that Visa dominates vs its smaller rival MasterCard ( MA) -- will undergo changes as new rules are implemented. Saunders is referring to the passed Durbin amendment that created tougher rules for overseeing and setting debit interchange fees. "While it is too early to fully and accurately gauge the impact of the legislation, Visa has demonstrated an ability to manage our business through periods of change," Saunders said. "The global shift from cash and checks to digital currency is a powerful force that continues unabated, providing tangible benefits to consumers, merchants and governments worldwide. I continue to have strong confidence in our prospects for long-term growth driven by Visa's highly resilient network business model, our continued investment in innovation and the expansion of our global reach."