Visa (NYSE: V) shares were trading more than 3% higher after-hours following the company’s Q1 results, with EPS of $1.81 coming in better than the Street estimate of $1.70. Quarterly revenue grew 24% year-over-year to $7.1 billion (vs. Street’s $6.79 billion), driven by growth in payments volume, cross-border volume and processed transactions.

According to Alfred F. Kelly, Jr., Chairman and CEO of Visa Inc, the excellent quarterly results were due to the strength of its network, the growth in eCommerce, better than expected progress in the return of cross-border travel and a continuation of the recovery.

The company returned $4.9 billion to shareholders in the form of share repurchases and dividends and has authorized a new $12.0 billion share repurchase program in December.