Visa's first-quarter profit jumped nearly 11% on Thursday, as easing concerns about an economic slowdown encouraged customers to splurge during the holiday shopping season, pushing the payments giant's shares up 2.

Payments volume - a gauge of overall consumer and business spending on Visa (NYSE: V )'s network - jumped 9%. Net revenue climbed 10% to $9.5 billion in the first quarter.

The card brand also touted its payments partnership with the social media platform X as evidence of strength in its partnership strategy.