ACCC kicks off Cashcard inquiry
A routine ACCC inquiry is underway into the (already completed) acquisition of First Data Corp's Cashcard ATM business by DC Payments Australasia Pty Ltd.ACCC investigators wrote to interested parties last week seeking views "on the impact on competition", including:whether ATM fees will increase; whether payments to merchants will decrease due to the acquisition; whether DC Payments and Cashcard competed closely; and the extent to which DC Payments will be constrained by other independent ATM deployers, ATMs operated by banks and financial institutions, or other payment methods.DC is already at work seeking to lock Cashcard merchants into new contracts, some with terms as long as ten years, given an automatic rollover after five years for another five years unless terminated by the merchant before the end of the initial term with 90 days notice.