But those restrictions are significant and prove that low interchange is a big factor. It's why the only way to do it in Europe is with even more tricky rules and promotional deals, which limits its appeal.
For example, my Chase Sapphire card gives me 1% cash back everywhere and 2% on restaurants.. all of them. Whereas Santander only offers it at certain chain stores. That's because of interchange.
The point I was trying to make was that we don't have as many rewards programs in Europe because we're behind curve, and they are starting to appear, not because of low interchange.