The card stack, and what each layer keeps
LayerWhoKeeps
App
RedotPay
Ether.fi
KASTand the restWhat is left of interchange, about $0.88 per $100 in the US, plus FX spread and fees
RedotPayEther.fiKASTand the restWhat is left of interchange, about $0.88 per $100 in the US, plus FX spread and feesSettlementIssuer and network
Rain in USDC, 7 days a weekNo fee: collateral is locked, and whoever holds the balance earns the float
Rain in USDC, 7 days a weekNo fee: collateral is locked, and whoever holds the balance earns the floatProcessors
Lithic
Thredd
Paymentology
Marqeta
Stripe (Bridge)A small cut per swipe (Marqeta about 16bps), plus $0.10 per virtual card, $3.50 physical, $15 per dispute
LithicThreddPaymentologyMarqetaStripe (Bridge)A small cut per swipe (Marqeta about 16bps), plus $0.10 per virtual card, $3.50 physical, $15 per disputeIssuers
Reap51.4%Rain38.9%
Wirex6.3%
Monavate1.0%The sponsor's share, usually 10-30% of issuing-side interchange; the whole infrastructure layer takes about 20bps
Reap51.4%Rain38.9%Wirex6.3%Monavate1.0%The sponsor's share, usually 10-30% of issuing-side interchange; the whole infrastructure layer takes about 20bpsNetworks
Visa96%
Mastercard4%About 13-15bps plus fixed fees, none of the interchange
Visa96%Mastercard4%About 13-15bps plus fixed fees, none of the interchange
Paymentscan
PaymentscanVisaUpdated Sep 13, 2026Sumcap Research