Mastercard’s CFO says that factors like low unemployment, high wages and the wealth effect are contributing to strong spending patterns across mass-market and affluent consumers.

Mastercard eased concerns about a potential slowdown in consumer spending after beating Wall Street estimates for second-quarter results on Thursday, sending its shares up nearly 3%. The report rounded off a largely upbeat earnings season from the biggest U.

Mastercard shares rose modestly Thursday after the firm reported better second-quarter results than analysts had expected.