That Thing Called LYKA


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.

Although 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. The said GEMs can be used for shopping and other types of payment.

Since its launch in Southeast Asia as early as May 2019, many Filipino personalities are featured users in the LYKA homepage. 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.

I am one of those who were enticed to create an account. And why not? The promise of receiving gifts by doing something I like sounds a good deal. I get GEMs by posting photos of my daily activities and discoveries and get rewarded. This is something I don’t get from other social media accounts.

Everything 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).

BSP said that based on its features, LYKA needs to be registered as specified in Republic Act No. 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.”

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.

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.

Even 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. 1049.

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. He believes that this is one way of empowering them.

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.

This made me more excited as I wait for LYKA to be fully recognized by BSP as an OPS in the country. When that time comes, I hope I can get some good stuff in exchange for the GEMs that I have already collected. I have high hopes that the first paperless, contactless, and seamless social gift card in the world will achieve this goal soon.

For those who are curious about LYKA gems, they are distributed and managed solely by authorized service partner/ provider, Blue Cat Global Limited. via the LYKA app, and through a preset reward system or may be 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 or through the LYKA app. For sure, the rewards and point system will be enhanced since there are over 28,000 Partner Merchants who signed up in the service, retails, food, and automotive industries.

If you still don’t have an account, it can still be installed via Google Play for android phones and Apple Store for IOS. You can start earning GEMs now and as soon as LYKA gets BSP’s approval, you can enjoy the perks of having an account.

There are more benefits that will come along the way. That is why many LYKA app users, yours truly included, are supporting all their initiatives and continues to use the app. By the way, the latest updates made the app more intuitive and easier to use. And when the time comes that all issues surrounding LYKA are finally resolved, it will be a great day to celebrate.

Like it? Share with your friends!



Your email address will not be published. Required fields are marked *