Interchange fee as share of revenue of selected leading digital banks worldwide 2023
In 2023, a notable trend emerged among leading digital banks as they all experienced a decline in their reliance on interchange fees - the transaction fees banks collect from merchants when customers use their payment cards. While these fees traditionally served as a crucial revenue stream for digital banks, data shows Revolut maintained the smallest proportion of interchange fees relative to total revenue, with Monzo and Nubank following in second and third positions respectively. This shift suggests these digital banks are successfully diversifying their revenue sources beyond the traditional card payment model.