FILE PHOTO: A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White/Illustration/File Photo

(Reuters) - Payment processor Mastercard Inc MA.N said on Monday it would buy back up to $4 billion of its class A shares.

The new share repurchase program will be effective at the completion of the company’s previously announced $4 billion share repurchase program, Mastercard said.

Under the previously announced buyback, the company has about $1.5 billion remaining, the statement added.

The company said it also increased its quarterly cash dividend to 25 cents per share, a 14 percent increase over the previous dividend of 22 cents a share.

Mastercard had 1.04 billion class A shares and 15.1 million class B shares as of Oct. 26. mstr.cd/2zMQTJQ