This made me more excited as I wait for LYKA to be fully recognized by BSP as an OPS in the country. ![]() This would be a level up on the already great features of the app like LYKA Mall, an exclusive feature of the app providing a one-stop shop for everyone LYKA Grocery where you can shop 24/7 with no minimum order Digital Goods Section where you can buy prepaid loads, pay your bills and even pay partner merchants such as schools, real estate, etc. He believes that this is one way of empowering them. LYKA CEO Ryan Baird is glad about the latest development and announced that his company is planning to launch a new feature called GOLDEN GEMs wherein a big percentage of the ads budget will be given directly to the users. In a recent statement released by LYKA, it recognized 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.Įven BSP Governor Benjamin Diokno acknowledges the willingness of LYKA to adhere the government regulations and said that there are ongoing discussions with a representative of LYKA Philippines to ensure proper compliance with the National Payment Systems Act and BSP Circular No. I felt a bit upset when I heard the news because I believe that the activities and reward system of LYKA is legit because I have seen and heard people use their GEMs to pay for their purchases and I personally saw a lot of shops who have signages that they accept LYKA payments. 11127 or the National Payment Systems Act 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.” This is something I don’t get from other social media accounts.Įverything seems running smoothly for LYKA until July 2021 when the Bangko Sentral ng Pilipinas (BSP) ordered the social media platform to suspend its payment operations and invited the mother company to register as an operator of payment system (OPS).īSP said that based on its features, LYKA needs to be registered as specified in Republic Act No. I get GEMs by posting photos of my daily activities and discoveries and get rewarded. ![]() And why not? The promise of receiving gifts by doing something I like sounds a good deal. I am one of those who were enticed to create an account. When it started gaining momentum from regular users, LYKA Facebook pages and groups were created where members can share their LYKA accounts and tips on how to receive more GEMs. Since its launch in Southeast Asia as early as May 2019, many Filipino personalities are featured users in the LYKA homepage. The said GEMs can be used for shopping and other types of payment. In the midst of the pandemic last year, a relatively new social media platform slowly gained steam in the Philippines and eventually get the attention of many Filipino users, including local influencers and celebrities.Īlthough it is similar to other social media apps where can you post photos and videos, it achieved instant popularity because of the opportunity it gives to users to earn G-ift card in E-lectronic M-ode or GEMs while using it.
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