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

Yesterday I posted on Visa. Issuers and acquirers are paying more to the networks - and Mastercard shows it again.

As reported 2 weeks ago, in Q3 2025, Mastercard’s payment-volume growth was +9% YoY, while network fees captured in Payment Network net revenue rose +12%.

The pattern holds: network-fee revenue is growing faster than the payments they support.

What it means:
Your cost per dollar processed is creeping up. The network take per auth, per transaction, per dollar is rising - and that compound creep becomes structural margin pressure.

The impact:
- Issuer and acquirer profitability faces steady headwinds.
- Smaller players without scale or negotiating power feel it more.
- Cost models anchored in yesterday’s fee structure are outdated.

This isn’t about a single-rate change - it’s a structural shift. Network-layer costs are growing faster than the volume they’re tied to.

If you manage a payments P&L, this trend should show up in your numbers already.

Are you seeing it?