DC Payments grasps Cashcard
One party to the purchase by DirectCash Payments of Cashcard from First Data Corp overnight confirmed the sale of the entity, which operates a fleet of 3500 ATMs.Canadian firm DC Payments said it would pay A$55 million for the ATM operator that once held the lion's share of the ATM fleet owned outside of the banking sector.Banking Day first reported the agreement for a sale on Thursday.In Australia DC Payments operates a fleet of 7700 ATMs. Cashcard's fleet - 2600 placed in merchants and 900 branded with smaller bank names - will bring the total to more than 11,000 machines and account for close to three quarters of the independent ATM market (that is, ATMs not directly owned by a bank or authorised deposit-taking institution).DC Payments has continued to amalgamate niche ATM operators such as ezeATM and GRG International over recent years.The business model of the entire ATM sector is under challenge from the consumer shift to non-cash payments, a trend that may help DC Payments steer its offer for Cashcard past the ACCC.