Visa Network (Scheme) Fees Are Growing Faster Than Payments Volume. Here’s What That Means for Issuers and Acquirers

Issuers and acquirers are paying more to the networks - and the gap keeps widening.

Visa’s latest fiscal 2025 results reported 2 weeks ago tell the story: payments volume grew 8%, while network fees charged to issuers and acquirers rose 11%.

On a rough multi-year basis, this doesn't seem to be a one-year anomaly. Over several years, network-fee revenue has generally grown faster than the payments it supports.

Visa FY25 highlights:
- Service revenue: +9% vs +8% payments volume
- Data processing revenue: +13% vs +8% payments volume
- Combined network fees: +11% vs +8% payments volume

What it means:
Your cost per dollar of processed volume keeps rising. The network take per swipe, per auth, or per dollar is creeping up - and that compounds into structural margin pressure over time.

The impact:
- Issuer and acquirer profitability faces persistent headwinds.
- Smaller institutions without scale or leverage feel it more.
- Cost structures built on static network assumptions are breaking down.

This isn’t about one fee change - it’s about a structural shift: network-layer costs are rising faster than the volumes they’re tied to.

Most issuers and acquirers track interchange to the decimal but miss what’s happening at the network layer—do you know your true network-fee yield?