Unlocking the opportunities in banking

Few sectors have changed as dramatically in the past few years as the payments sector. In light of advances in the digital economy, there's a clear opportunity to innovate in the movement of money between individuals and organisations.

To make the most of the opportunities this presents, players need to successfully navigate a complex legal landscape. That landscape differs depending on whether the player is an incumbent ADI, a fintech startup or a big tech platform.

Payments at a glance


Australian cardholders make around 10.7 billion card purchases worth $677 billion.


Cards account for three-quarters of the total number of non-cash retail payments.


Big tech (Google, Apple, Facebook and Amazon) is continuing to disrupt the payments industry.


60% of Buy Now Pay Later (BNPL) users are aged under 40.


How we can help

We are experts in payments, bringing together leading M&A, technology and data, financial regulation, AML, competition and consumer protection and tax specialists.

Our expertise is built on years of working with different types of players in the payments ecosystem, including the banks, payment schemes, BNPL providers, fintechs and retailers. We were the first major law firm to offer a dedicated practice for fintech startups and fintechs – through Allens Accelerate.

Our payments team assists payments providers to successfully:

  • establish optimal structures that meet financial regulatory requirements
  • design and document strategic partnership arrangements to achieve industry-first payment innovations
  • navigate various uses of transaction data within the privacy and CDR frameworks, whilst mitigating cybersecurity risks
  • comply with AML obligations and navigate regulatory scrutiny
  • manage their competition and consumer law exposure when it comes to engaging in the ecosystem and acquiring targets, and to engage effectively with the ACCC
  • conduct M&A processes to invest in or acquire targets that help drive digital transformation outcomes.


Bendigo Bank's alliance with Tyro

Advising on all elements of the alliance with Tyro Payments, including advising on the regulatory aspects referral program, and divestment of Bendigo Bank's back book. 

Westpac's resolution of Austrac investigation

Representing Westpac in the civil penalty proceedings commenced by the CEO of AUSTRAC, which were successfully resolved, and assisting Westpac with associated financial crime uplift projects.

ACCC authorisation for BPAY, eftpos, NPP amalgamation

Acting for bank shareholder to secure ACCC authorisation for domestic schemes merger. This is a transformative deal for the Australian payments landscape, drawing on the strengths of the individual schemes to create a compelling domestic offering.

Westpac's joint venture with BeemIt

Advising on the venture, and subsequent disposal, of the BeemIt instant payments platform to eftpos.

Also advising on its other recent fintech investments, including zipMoney, Assembly and the recent Series C raise by 10x Future Technologies.

Financial regulation advice

Advising on AFS licensing requirements, regulation of payment systems, regulation of purchased payment facilities and ADIs, compliance with rules governing various payment systems and schemes, and more recently application of design and distribution obligations to payment products.

CBA's $300m investment into Klarna bank

Successfully advised on the significant investment into, and strategic partnering and joint venture arrangement with, Klarna Bank, to enter the buy-now-pay-later space in Australia.

Also advising CBA on its investment into and partnering arrangements with Square Peg.