BankAxept is the national payment scheme in Norway. The purpose of the establishment of BankAxept in 1990 was originally to replace costly cash and check payments, using an efficient electronic service. Payment for goods and services and ATM withdrawals with high security through online checking accounts and the use of pin- code. Security is further upgraded through the transition from magnetic stripe to chip. BankAxept was re-established in April 2014 to meet the new challenges in the payment market. Nine out of ten card payments with the Norwegian cards occurs with BankAxept. At the end of 2016 there were more than 8 million BankAxept cards in circulation, and almost 1.55 billion transactions. BankAxept shall on a commercial basis develop new payment solutions in new channels. This includes: contactless payment, online payment and person to person payments among others. BankAxept is owned by all the banks in Norway.