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!
You clearly have no idea how interchange fees work. Here is an example:
In this case MCO is the issuing bank, thus receives 1,70% of the TOTAL TRANSACTION (percentage depends locally)
Wait a sec, I thought they are program manager?
?