In April 2012, Canadian outfit Direct Cash identified "a platform for growth throughout Asia Pacific" and an "opportunity to grow" the Customers ATM business platform in Australia. The country, it said, had a "less mature market."Veritas Investment Research, a Toronto firm, put the vision under the spotlight in a report this week.ATM transactions are on the wane in Australia and with it the DC Payments enterprise in Asia.Australia may yet be underserved for ATMs. Interac data showed density was 138 ATMs per 100,000 people versus 174 ATMs per 100,000 in Canada, Veritas said"The inflection point for bank-owned ATM deployment growth [in Australia] was in September 2012, when they decreased by one per cent, year on year. "ATMs have registered small year on year declines every quarter since then," Veritas said."We believe DCI's ability to make substantial investments in network growth is limited, as the company is strapped for cash and handcuffed by covenant compliance issues."Further, as discussed in the next section, we believe there is strong evidence that DCI is already underinvesting in its Australasia business."Veritas said customers were swapping costlier ATM models for lower cost models favoured by Direct Cash. A lower quality offer generates less cash."We may already be seeing this, as revenue per ATM declined by 8 per cent YoY in H2-CY12," the report said.Veritas said it believed Direct Cash's capex underinvestment was "about A$8 million."