Just wanted some clarification with regards to all the fees/groups involved when you carry out a debit or credit card transaction. I’m confused as to how exactly interchange fees work. Do Visa and MasterCard set interchange fees?
For example, NatWest issue Visa debit cards. If Visa receives money for each transaction, then how does NatWest make money? I know I may have it the wrong way round, but would really appreciate someone putting it in layman’s terms.