Highly recommend the Acquired Visa episode and the follow up on ACQ2 for those looking to learn more about the inner workings of these networks and economics and history of interchange fees and Cashback programs. These transactions can involve up to 5 (!) parties. This comment won’t do it justice, listen to the podcasts!

https://www.acquired.fm/episodes/visa

https://www.acquired.fm/episodes/saving-the-planet-with-bett...