That's the interchange (i.e. what the issuing bank earns), not Visa's fees. Visa charges both the acquiring and the issuing bank on top of that; that's then ca

That's the interchange (i.e. what the issuing bank earns), not Visa's fees. Visa charges both the acquiring and the issuing bank on top of that; that's then called "scheme fees". The issuers pays these out of the interchange; the acquirer charges the merchant for them, so they end up paying a bit more than the figure you've quoted.