Read this at first and re-read what you wrote. Their language is confusing, though what I understood, that money will be from this:
We generate revenue every time our customers swipe Monaco card from the fees paid by merchants (interchange revenue). On average, merchants accepting a payment with a card receive only $97 of every $100 spent by the customer, $3 being split between card scheme, program manager, issuing bank and acquiring bank. Monacos share of the interchange revenue comes in at 1.5-2% depending on transaction profile. Monaco will roll-out new, revenue generating products over time.
That's just bad wording from their side, they mean 1.5-2% of the payment made. How else do you think they can provide 0.75% (even more for platinum) cashback? Basic logic.
Where is logic buddy. If there is $3 taken from $100, so $3 are split between all parties involved. How they can take more?
Monacos share of the interchange revenue comes in at 1.5-2% depending on transaction profile. (interchange revenue) - the fees paid by merchants. (these $3 from $100 spent)So re-read again please!
Ohh and there is no connection of cashback and fees. cashback is from money what merchants are willing to give back, it's not with fees as you think.