Riga, the Baltic's gateway city, is a hub with a steady inflow of international visitors arriving by air and cruise, and Chinese-speaking visitors in particular tend strongly to want to keep using the same payment app abroad that they use at home. Alipay is a QR- and app-based payment platform operated by Ant Group, and through the Alipay+ partner network it can bring users of several other Asian wallets under a single integration. The starting point for this review is that it is not a method aimed at Latvians themselves.

The main candidates for adoption are Riga-centered accommodation, retail, and souvenir businesses, or online services with a meaningful share of Chinese-speaking customers. Conversely, if your goal is revenue from local Latvian consumers, it makes more sense to prioritize bank transfer, card, and wallet methods first and add Alipay once visitor-driven revenue is actually confirmed.

The consumer approves the payment by scanning a QR code in the Alipay app or via in-app payment, with the amount deducted based on the currency of the consumer's account (typically yuan). Merchant revenue is received by Hecto Financial based on the euro (EUR) price, converted, and settled to the Korean merchant in whichever currency among USD, KRW, or JPY was selected under the contract.

With Hecto Financial integration, a Korean corporate entity can consider adopting Alipay payments without a separate local contract in Latvia. Actual support availability and terms (settlement cycle, fees, currency options) vary depending on the merchant's industry and transaction volume, so confirmation with the Hecto Financial sales team is needed before signing a contract.

• Business registration country

  Confirm contract eligibility as a Korea-registered business

• Sales channel

  The integration method and priority differ depending on your online sales channel mix, such as your own store, open markets, or a mobile app

• Product categories handled

  Advance confirmation is needed as to whether your category falls under a restricted business type under Alipay's merchant policy

• EU regulatory compliance

  Confirmation is needed that you comply with EU payment regulations such as PSD2 and SEPA (see official sources below)

Even though the consumer's app displays the amount in their own currency such as yuan, the starting point for merchant settlement is the euro (EUR) revenue priced in Latvia. Hecto Financial receives and converts this, then deposits it domestically in whichever currency among USD, KRW, or JPY was selected under the contract, with the cycle following the contract terms. Refunds are returned to the consumer's app based on the original transaction, and if the buyer qualifies as an EU consumer, a refund policy that accounts for the possibility of a 14-day withdrawal request is also needed.

• Bank of Latvia (Latvijas Banka)Official information on Latvia's payment systems and supervision (Latvijas Banka). If the content of this page differs from actual regulations, the official source takes precedence.