No, those are caps on the interchange fees paid to the issuing bank. Card transactions have other fees as well.

That is true yes. The interchange fees tend to be the largest component though. The ECB reports that the average transaction cost of debit is 0.44% [1]

[1]: https://www.ecb.europa.eu/euro/digital_euro/timeline/profuse...

in the EU, yes, but not in India with UPI ;-)