When I first learned about LYKA, I immediately created an account not to join the hype but because I see its purpose as useful and promising. Unfortunately, I have so much on my plate already that I can’t keep up with it. Just when I was about to spend time using it religiously, that’s when I heard the news that Bangko Sentral ng Pilipinas (BSP) ordered to suspend its operations and invited the company to register as an operator of payment system (OPS).
Lyka is a popular app in the Philippines owned by a Hong Kong-based company that allowed people to earn Lyka GEMs or gift cards in an electronic mode for posting, sharing, and liking content. These GEMs could be used to purchase goods, which is definitely a plus for every user especially now that cashless is mostly preferred.
In fact, celebrities and social media personalities have posted photos showing that they were able to purchase cars and other items through GEMs. Who wouldn’t be excited and convinced when the most followed personalities online have shown proofs already. It’s legit! I’ve also seen friends using Lyka GEMs and had no issues with it.
It’s just that registration as an OPS is needed to ensure that the app “functions safely, efficiently, and reliably by itself, consistent with the central bank’s objectives of consumer protection and financial stability, as it involves payments and purchases.
In a statement, it said that Lyka US and Hong Kong said Digital Spring Marketing and Advertising, the operator and marketing arm of Lyka in the Philippines, is continuously communicating with BSP regarding its OPS application.
And just a couple of months ago, LYKA announced that it will register with the Bangko Sentral ng Pilipinas as an Operator of Payment System (OPS).
This comes after the Bangko Sentral ng Pilipinas (BSP) said that LYKA, not Digital Spring Marketing and Advertising Inc. (DS), should register as an OPS.
“Instead of challenging the BSP’s decision before a judicial forum, LYKA has determined that the fastest resolution to the matter is to simply commence the registration of its own Philippine entity as an OPS, including setting up its own Philippine operations and equipping it with the best talent possible,” LYKA emphasized in a statement.
To date, LYKA is in discussion with the Bangko Sentral ng Pilipinas (BSP), according to Governor Benjamin Diokno.
“We are in discussions with a representative of LYKA Philippines to ensure proper compliance with the National Payment Systems Act and BSP Circular No. 1049 so that the appropriate entity and true operator of the Lyka payment system register in accordance with the law and regulations,” he said in a briefing.
LYKA has said that part of its intention is to register as an operator of a payment system so it can establish its own Philippine operations and staff it with the best people available.
Users were also guaranteed by the social media platform that any duties and commitments made by DS to the, as well as their accreditation as a partner merchant, will be honored as quickly as possible.
LYKA management has also begun looking for a national head and the best support team for its Philippine operations, according to the platform, in order to carry out the company’s ambitions for the country and to support its vision as a leading social media app on a global scale.
It also promised to maintain working closely with the central bank and other regulators to advance the really innovative LYKA GEMs, the world’s first cashless and seamless social media gift card.
I just hope that the process speeds up just in time for the holidays so that the users, existing (and new ones), will once again enjoy its services.
Lyka currently has 10 million registered users in the country and is endorsed by almost all celebrities and social media influencers. So let’s give it back to them, to us, and to everybody else who wants to experience the convenience and entertainment that Lyka gives.
In the meantime, please follow me on Lyka if you haven’t yet.
Want to know more about Lyka? Check these out:
LYKA is a free social media platform that allows users to connect, discover new material, share interests, share photos, and allows chat function with other users. It revolves around a Digital Point System, which rewards users for engagement on the platform. Users may receive LYKA GEMs for well-rated posts, uploading content, and spending time on the app.
DISCLAIMER Individuals of 18 years of age and below are required to have a legal guardian to claim the rewards through our LYKA Mall. Using LYKA GEMS with our Merchant Partners has exceptions to the rule as advised.
LYKA MALL Is an exclusive feature of the LYKA app providing a one-stop-shop for Online Shopping and Digital Transactions.
LYKA Mall also includes:
- LYKA Grocery where you can shop 24/7 with no minimum order.
- Digital Goods Section where you can buy prepaid loads, pay your bills (e.g., utilities, telco, insurance, credit card, etc.), remit payments (e.g., gov’t agencies, etc), and even pay partner merchants such as schools, real estate, etc.
Plastic and paper gift cards are a thing of the past.
Introducing the Giftcard in Electronic Mode (GEM) The 1st paperless, contactless and seamless social gift card in the world. LYKA GEMs are distributed and managed solely by our authorized service partner/provider, Blue Cat Global Limited (a corporation duly organized and existing under the laws of Hong Kong with principal address at 14/F Chun Wo Commercial Centre, 25 Wing Wo St., Central, HK- SAR.), via the LYKA app, and through a preset reward system or maybe purchased in-app. These LYKA GEMs may be shared among friends, exchanged for goods with partner stores/merchants, and can be collected to purchase gifts from the LYKA Online Store (Lyka Mall). The LYKA GEMs are also available for sale through the LYKA app.
REWARDS AND POINTS SYSTEM Each Diamond rating corresponds to a specific LYKA GEM value that you can save and accumulate to transact with our partner merchants.
TOP-UP YOUR LYKA GEMs Users of the LYKA may purchase in-app GEMs from Blue Cat Global Limited. Purchase of the GEMs from the Blue Cat must be made through the “BUY GEMS” option in the account owned by the relevant registered User and paid for through any permitted payment method available from time to time by the LYKA. Purchased GEMs shall be reflected in the User Profile of the LYKA App.
USING YOUR LYKA GEMs Exchange your GEMs for goods/services with partner stores/merchants! On its initial country of operations, the Philippines, now with over 10,000 Partner Merchants in the service, retails, food, and automotive industries. Just look for the sign confirming that LYKA GEMs are accepted by the merchant and pay using the QR code system. It’s that easy!
SEND A GIFT OF GEMs TO FRIENDS & FOLLOWERS A new and unique gift to give to your friends and followers
MERCHANT LIST – https://www.mylyka.com/merchants
FREQUENTLY ASKED QUESTIONS – https://www.mylyka.com/faq
COMMUNITY GUIDELINES – https://www.mylyka.com/merchants#merchant_community_guidelines