China is the world's largest e-commerce market, and a large share of retail payments happen inside just two mobile wallets: Alipay and WeChat Pay. In-app payment, rather than cards, is the default in this market, so for an overseas business selling online to Chinese consumers, accepting local wallet payments through a cross-border program is effectively a prerequisite. Alipay is China's leading mobile payment platform, operated by Ant Group, and its cross-border payment program lets overseas merchants accept renminbi payments from Chinese consumers as well; it also connects to partner wallets across Asia through Alipay+.

Alipay is especially worth prioritizing for cross-border shopping sites targeting Chinese consumers who buy Korean products online — cosmetics, fashion, K-content — and for businesses selling reservations, tickets, or digital services to Chinese customers, where checkout abandonment tends to spike if a familiar local wallet isn't available.

A Chinese consumer scans a QR code in the Alipay app, or is redirected from the checkout page to the app, and completes the payment in renminbi (CNY) using their balance or a linked bank account or card. Hecto Financial receives this payment in the local currency, CNY, converts it, and settles with merchants in Korea in whichever currency — USD, KRW, or JPY — was selected under the contract. Online integration is implemented through methods such as checkout page redirects or app invocation, and the detailed authentication process needs to be confirmed via technical documentation before integration.

Businesses registered in Korea can consider adopting Alipay cross-border payments through Hecto Financial without setting up a local entity in China or going through a separate local contracting process. That said, actual eligibility and detailed terms (settlement cycle, fees, settlement currency options) are reviewed based on the merchant's business category and transaction volume, so confirmation with Hecto Financial's sales team is needed before contracting.

• Business registration country

  Confirm contract eligibility for businesses registered in Korea

• Sales channel

  The integration method differs depending on whether you sell online only or also operate physical stores in China

• Product category

  Check in advance whether your category falls under restricted business types per Alipay's operator's merchant policy

• Local regulatory compliance

  Confirm compliance with China's payment and foreign exchange regulations (see official sources below)

Payments from Chinese consumers are made in renminbi (CNY), which Hecto Financial receives in the local currency, converts, and pays out to merchants in Korea. The settlement currency here is not renminbi, but whichever of USD, KRW, or JPY is selected under the contract, and the settlement cycle and fee rate depend on the contract terms. If a refund occurs, Alipay's own refund policy and Hecto Financial's operating policy both apply, so it's safer to confirm the refund processing timeline and the exchange rate basis before contracting.

• People's Bank of China (PBOC)Official information on China's payment systems and related regulations. If this page's content differs from actual regulations, the official sources take precedence.