This time that we are almost all tech-savvy (if not all.) Tend to rely on mobile applications to guide us with our everyday lives, whether for food ordering, delivery, entertainment, and maybe the most in-demand of all applications to date — Social media applications.
Social media applications have had been part of our everyday lives. The first thing we do in the morning is open up our phones and check social media notifications, as well as how we check them before we hit the sack. We just love sharing our happenings to the internet world. We are flattered to receive likes and hearts for every post we share.
But not all applications are created equal, specifically social media applications. LYKA app has been trending for quite a while now as this social media app is unique. It is the only social media application that allows its users to earn! It gives users to earn Gift cards in Electronic Mode (GEM) by using the app (liking, posting, sharing) just like how we use any social media apps.
With LYKA GEMS, users can use this as a payment method as Merchants start to also accept this as a payment method that’s why both merchants and users both mutually been hooked using LYKA app.
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| Pia Wurtzbach bought a car using LYKA Gems |
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| Bekimon on LYKA |
Even celebrities and social media influencers prefer to use LYKA app than any other social media apps, it has been a new way to connect with their fans, since fans can directly show their appreciation to their respective idols by giving them LYKA GEMs.
LYKA has been really shaping the future of Social Media applications, everything has been good until the Bangko Sentral ng Pilipinas (BSP) on Friday, July 23, ordered social media platform Lyka to suspend its operations and invited the company to register as an operator of a payment system (OPS).
The BSP said that based on its features, Lyka should register, as specified in Republic Act No. 11127 or the National Payment Systems Act.
The operators of Lyka have already expressed their willingness to register with the BSP as an OPS,” the central bank said.
In a statement, 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.”
It noted that the BSP issued an OPS provisional certificate of registration to Digital Spring.
Moreover, Lyka said Digital Spring works with ePlayment Corporation, a company with an OPS license.
“Rest assured that Digital Spring will continue to fulfill its obligations with its partner merchants in parallel to its ongoing compliance with BSP’s requirements,” it said. – Rappler.com
On October 12, Social media platform LYKA announced over the weekend that it will register with the Bangko Sentral ng Pilipinas as an operator of a payment system (OPS).
Social media platform LYKA is in discussion with the Bangko Sentral ng Pilipinas (BSP), according to Governor Benjamin Diokno. — Manila Times
The Bangko Sentral ng Pilipinas is in discussions with the Hong Kong-based Lyka/Things I Like Co. Ltd. (TIL) over an application to register as an operator of a payment system in the country, BSP Governor Benjamin Diokno told reporters Tuesday in an online briefing.
“To date, Things I Like Co. Ltd. remains unregistered with the BSP. However, they are in discussions with a representative of Lyka Philippines to ensure proper compliance with the National Payment Systems Act and BSP Circular 1049 so that the appropriate entity and true operator of the Lyka payment system register in accordance with the law and regulations,” Diokno said. — Manila Standard Mobile
Lyka currently has 10 million registered users in the country and is endorsed by almost all celebrities and social media influencers. Imagine how many people have been affected by the issue. Even though users cannot earn GEMs as of the moment, LYKA users continue to use the App, because nevertheless, it is a really download-worthy app. Let’s hope for the best for LYKA to reinstate its full potential and we believe it will happen very soon!
