(Reuters) - Mastercard said on Tuesday that its board has approved a new share repurchase program, authorizing the company to buy back up to $12 billion of its Class A shares.

The payments processing behemoth also raised its quarterly dividend to 76 cents per share over previous dividend of 66 cents.

The company said its new share repurchase program will become effective at the completion of its previously announced $11 billion program.

As of Dec. 13, the company had about $3.9 billion remaining under the current buyback program, Mastercard said.

Shares of Mastercard inched up about 0.72% to $534.83 in after-hours trading.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Alan Barona)