Even in Singapore, where cards are the default payment method, mainland Chinese tourists, business travelers, and international students prefer to pay with the app they use at home. Alipay is China's leading mobile wallet, operated by Ant Group, and accepting it lets Chinese visitors complete purchases using their familiar app balance or linked account. Its reach is further extended through the Alipay+ program, which brings in users of partner wallets from across Asia.

For Korean merchants with a meaningful share of mainland Chinese customers — for example, travel and duty-free-linked commerce catering to Greater China visitors, or online stores offering Chinese-language service — accepting Alipay can have a more direct impact on conversion than cards alone. This method is best suited for sales channels targeting Chinese visitor demand rather than the general Singapore consumer base.

When a consumer selects Alipay at online checkout, the payment proceeds via app authentication or QR scanning, with funds drawn from the consumer's app balance or linked account. On the merchant side, the transaction is denominated in SGD, and Hecto Financial receives this amount in local currency, converts it, and settles the Korean merchant in whichever currency was selected in the contract — USD, KRW, or JPY. The conversion into yuan on the consumer's side is handled by Alipay itself.

Integrating through Hecto Financial allows Korean corporations to consider accepting Alipay without individually joining Alipay's cross-border program. However, since Chinese wallets can carry relatively stricter screening for product categories and industries, actual support availability along with fees and settlement terms should be confirmed with the sales team before signing a contract.

• Business registration country

  Confirm eligibility for a contract as a Korea-based merchant

• Sales channel

  The integration method differs depending on whether you are online-only or also operate offline stores in Singapore

• Product categories

  Advance confirmation is needed on whether your categories fall under merchant policy restrictions from the Alipay operator

• Local regulatory compliance

  Confirmation is needed on compliance with Singapore's payment and foreign exchange regulations (see official sources below)

Alipay transaction proceeds are tallied in SGD on the merchant's side, received locally by Hecto Financial, and after conversion, deposited into the Korean merchant's account in whichever one of USD, KRW, or JPY was selected in the contract. The settlement cycle and fee rate vary according to the contract terms. Refunds are handled under both Alipay's original-transaction cancellation policy and Hecto Financial's operating standards, so please check in advance whether partial refunds are possible and the processing timeline.

• Monetary Authority of Singapore (MAS)Official information on Singapore's payment systems and related regulations. If this page's content differs from the actual regulations, the official source takes precedence.