This guide introduces Dragonpay convenience store payments, a cash channel that lets even Philippine consumers without a bank account or card place orders. It covers the flow from reference number issuance to payment confirmation, the settlement structure when integrating with Hecto Financial, and points to review before adoption.
Even as mobile wallets spread rapidly, a substantial share of adults in the Philippines still live without a bank account and rely on cash. The central bank, BSP, has set a target of 50% digital payment share and has been driving the shift, but part of online shopping there still concludes with an offline cash payment. Dragonpay is a payment gateway that bridges this gap, offering a structure where a consumer orders online and then finalizes payment by paying cash at a convenience store counter such as 7-Eleven or at a bank counter.
For merchants trying to reach customers in smaller provincial towns where card and wallet penetration is low, or for categories with strong demand from younger and unbanked users, such as game items and digital content, the Dragonpay convenience store channel creates a complementary relationship with GCash. Since this is an asynchronous payment method with a delay before payment confirmation, be sure to design your inventory and order policies with that in mind.
When a consumer selects Dragonpay as the payment method, a reference number (voucher) is issued, and the consumer pays that amount in cash within the validity period at a convenience store counter, bank counter, or via online banking. Since the order is confirmed once payment is verified, this asynchronous method requires different operational design than real-time approval payments. Hecto Financial receives the paid funds in PHP, converts the currency, and settles with the Korean merchant in whichever of USD, KRW, or JPY is specified in the contract.
Korean merchants can consider adopting the Philippine convenience store and bank cash payment channel through integration with Hecto Financial, without a separate contract process with Dragonpay. The range of available payment channels, fees, and how payment confirmation notifications are delivered vary by contract terms, so prior consultation is needed.
※ This section describes the general support process and does not guarantee that a specific merchant can actually be integrated. Please confirm the exact scope of support and fees through consultation.
Confirm contract eligibility as a business registered in Korea
The integration method differs depending on whether the business is online-only or also includes physical stores in the Philippines
Advance confirmation is needed as to whether the category falls under merchant restrictions set by Dragonpay convenience stores Philippines' operator
Confirmation is needed as to whether the business complies with the Philippines' payment and foreign exchange regulations (see official sources below)
Cash paid by consumers at convenience store or bank counters is received by Hecto Financial in Philippine peso (PHP). After a currency conversion process, the Korean merchant is paid in whichever of USD, KRW, or JPY is specified in the contract, with the settlement cycle and fee rate following the contract terms. Because this is a cash payment method, refunds may need to be processed through a separate route, such as a refund to the customer's account, so be sure to confirm the refund process and turnaround time before signing the contract.
Hecto Financial's team will work with you to review the payment method mix that fits the Philippine market.
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