These costs would have had to be included in order to provide a complete overview of society’s total costs related to the payment system. Users’ participation in the production of payment services does not necessarily have a positive impact on society’s overall efficiency in the production of payment services. Increased use of e-invoicing will, however, increase the efficiency of electronic bill payment. The survey does not cover the payees’ costs related to invoicing. BIS Review 66/2002  5  8. Price developments 1993 - 2002 Paper-based services  Electronic services  2001 NOK  4 2001 NOK  40  3.5  35 Giro cash  30  3  Giro at the counter  25  Telephone giro  2.5  20  2  15  1.5  Cheque  10  EFTPOS  PC/Internet giro Direct debits  1 Mail giro  5  0.5  0  '02  20 00  98  96  94  '02  98  20 00  96  94  0  Both developments in the use of payment services and research show that prices affect customers' use of different payment services. Despite the price increase for most paper-based services, the weighted average price per transaction, at constant prices, has fallen since 1994. 9.
Unit costs 2001 NOK 15 14 13 12 11  1988 1994 2001  10 9 8 7 6 5 4 3 2 1 0  Unit costs excluding Unit costs including cash withdrawals at cash withdrawals at the counter the counter  As you probably know, we also investigated the costs related to payment transactions in the largest banks and Norway Post in 1988 and 1994. At constant 2001 NOK, the cost per transaction fell from NOK 14.10 in 1988 to NOK 10.70 in 1994. In 2001, the average cost per transaction was NOK 5.30. Since 1988, the cost of an average transaction, at constant prices, has fallen by a good 60 per cent. Banks have steadily increased the scope of direct pricing so that the degree of cost coverage by means of direct pricing has nearly doubled both from 1988 to 1994 and from 1994 to 2001. In 2001, 70 per cent of costs were covered by means of direct pricing. 4  BIS Review 66/2002  6.