Do Visa/Mastercard make much money in Europe? Most people use debit cards. I’m admittedly not clear on how exchange fees work for those.
Visa and Mastercard make money on scheme fees paid to them by both issuers and acquirers (i.e. indirectly merchants), not interchange.
There's an indirect impact of lower interchange rates, as issuers will usually not be willing to pay more than 100% of what they're earning in interchange in scheme fees. Acquirers have no such implicit limit, though.