FOSTER CITY, Calif. (AP) — Visa’s fiscal first-quarter net income increased 9 percent, as higher card spending which boosted the number of payments it processed. Its performance beat analysts’ expectations.

Foster City, Calif.-based Visa Inc. is the world’s largest processor of debit and credit card payments. As such, it benefits from heightened consumer spending and its results are closely watched because they can be a window into the buying habits and financial health of consumers.The holiday shopping season ended on a lackluster note, with U.S. retail sales rising only 0.2 percent in December, according to the Commerce Department. Even so, Visa, along with card issuers American Express Co. and Discover Financial Services, reported stronger cardholder spending and borrowing during the holiday season.