ATM hopefuls confirm merger

Ian Rogers
ATM deployer Stargroup has finalised terms for its merger with ASX-listed iCash Payments.

The combined entity has only around 100 automatic teller machines in operation, a tiny fraction of the national ATM fleet of more than 30,000.

iCash sold its own ATM fleet in Australia to ezeATM in 2012, with the latter selling that fleet in turn to DC Payments late last year.

Todd Zani, one of the founders of ezeATM, is the driving force behind Stargroup and will be executive chair of the new entity.

Demand for cash withdrawals from ATMs operated independently of a card-holder's own bank has waned since the introduction of a clearer ATM charging regime.