The social costs of payments in Norway were nearly NOK 15 billion in 2013, according to the results of a new survey presented in Norges Bank Papers 5/2014. Relative to GDP, payment costs have declined since the previous survey in 2007. Comparisons with other countries show that costs in the Norwegian payment system are low.

Banks perform payment services more efficiently than previously, but are still making losses on payment services. Income covers only three-fourths of costs.

Costs vary widely between the various means of payment. Payments with international cards cost society over four times as much as payments with the national debit card BankAxept.

Norges Bank Papers 5/2014 (Norwegian version)