MasterCard, the world’s second largest payments network, on Thursday reported higher second-quarter earnings as the company raised the fees it charges banks and cut expenses.

Together with rival Visa, which on Wednesday reported strong results for its fiscal third quarter, MasterCard also benefited from a worldwide secular shift away from cash and cheques as consumers turn toward the convenience of electronic payments. This shift has helped both companies weather the effects of a global recession that has reduced overall consumer spending.