This includes wider representation from non-bank payment service providers and user groups such as consumers, merchants and government agencies. The NPAC now comprises a Steering Committee, a User Consultative Group and a Service Provider Consultative Group. The consultative groups serve to promote dialogue, encourage alignment and canvass new ideas to improve payment solutions. This provides important inputs to focus on the strategic and tactical priorities for the development of the payment systems in Malaysia. Continued support from all stakeholders necessary to ensure the successful migration to PIN verification Before I end my speech, allow me to take this opportunity to commend the industry on its efforts to achieve a smooth transition from signature to PIN verification of payment card transactions. Collectively, we shall achieve our targets to migrate users to PIN verification by 1 July 2017. We have seen tremendous commitment and intensified efforts by banks to meet these targets and I am pleased to note that we are near completing the replacement of all active payment cards and POS terminals with PIN functionalities. We have been clear that there will be no extension to the deadline of 1 July 2017 for turning off signature verification. By that date, only PIN will be accepted for domestic payment card transactions, so it is important that in the next 40 days, we should not be complacent and no effort is spared to encourage the migration to PIN. From the latest data we have, the PIN bypass rate has now been reduced to 10% in April.
The sea and what the sea gives us has been part of the economic base for everyone who has settled along the Norwegian coast. Lighthouses, seamarks and lifeboats have made the lives of seafarers safer, but they have also helped to improve the prosperity of those who live near the coast. The first lifeboats, such as the RS 14 Stavanger, did not stay in port and wait for the alarm to sound. The lifeboats accompanied the fishing fleet out to sea, ready to respond in the event of a storm. Sometimes it was a question of life or death and lifeboat crews rescued people in danger of drowning, while at others the lifeboats were just needed to tow in a group of boats to calmer waters where they could be safe until the storm blew over. Because of the lifeboats, fishermen were able to stay out at sea longer, boosting their earnings and their ability to provide for their families. It is almost a year and a half since we launched the first two denominations in the new banknote series. The new 100-krone and 200-krone banknotes seem to have been well-received, and their production and distribution and the exchange of old banknotes have been on schedule. I am confident that the launch of the next two denominations will proceed just as smoothly. As I have touched upon, the main purpose of the banknote project is to have banknotes that are even more secure than previous banknote series.