Bangko Sentral ng Pilipinas has ordered popular Lyka to stop operations, Friday, July 23.
According to BSP, Lyka expressed willingness to register as an operator of payment system or OPS.
Lyka is a free social media platform that allows users to connect, discover new things, and share their interests with other individuals.
It is a “digital community in which users share their interests by posting a photo or a video. Apps are available for android and iOS. Users will be rewarded with GEMS (Gift card in Electronic Mode) when they upload a photo or a video on this platform. Also, every time that a Lyka user engages with other people's posts, both parties will earn a certain amount of GEMS,” according to Yugatech.
Posting a photo on the app is equivalent to 0.05 GEMS. The same amount when a user gives your image an MR (Max Rate). When you MR another user's photo, that is equivalent to 0.02 GEMS. 1 GEM is equal to 1 PESO.
BSP orders Lyka to stop operations
When you sign up, Lyka will give you 5 GEMS as a starting point. Lyka users can also send you gems if they feel generous, and if you get verified on Lyka, they will send you 15,000 GEMS as a welcoming gift. One good thing about this app is that the verification process isn't limited to well-known people. Anyone can sign up and get verified.
There are thousands of Filipinos on this app and counting. Celebrities and social media Influencers are also trying out this app to extend their fanbase, and sometimes these online celebrities are giving away GEMS to their followers.
As mentioned earlier, 1 GEM is equivalent to 1 PESO, meaning the GEMS you will be getting on this app as good as cash. Many merchants accept GEMS, including Adidas, Guess, Aeropostale, PlainsandPrints, to name a few.
You can also use Gems to buy furniture and appliances in select Abenson stores or even have some leisure time with your friends and family at supported hotels and restaurants around the country. Or, if you earn enough GEMS, you can use it to buy a car at select Ford dealerships.