11127 or The National Payment Systems Act (NPSA)," it said. "The Bangko Sentral ng Pilipinas (BSP) has issued an order to an Operator of Payment System (OPS) to suspend its operation as an OPS and has invited said entity to register with the BSP as provided under Republic Act No. Lyka, which operates in the Philippines and is backed by a Hong-Kong based company, allows users to purchase, exchange and use Gift cards in electronic mode or GEMs as payment for goods and services, the BSP said in a statement. As a precaution, it is advised that you should opt to choose no when the app asks you for permission to access your SMS or camera storage.MANILA - The Bangko Sentral ng Pilipinas on Friday ordered social media app Lyka to suspend operations as an "Operator of Payment System" (OPS) and to register with the regulator. They will use it for targeted ads, and although that may sound harmless, some companies may mine your information. Basically, while the app is free, what you give in exchange is your personal information so they will be able to track your interests, behavior and your contacts. In a YouTube video posted by Cryptors Cybersecurity founder Alexis Lingad, he talked about the privacy policy of the app. According to PEP.ph, iOS 14 users were concerned that the app could access their phone's cameras and microphones even when the app is closed. On January 14, LYKA released an official statement addressing the security bug that affected iOS 14 users. Since free apps requires you to log in your personal information, privacy has been a concern. Is it safe to use?ĭata privacy has been a controversial topic online. LYKA Mall is an e-commerce platform with the app where you can buy essential items like grocery items, load, gadgets and more. The LYKA app also has a virtual mall called LYKA Mall where you can purchase items with their partner merchants. You can also use them for massive ticket purchases as Ford, Vespa and Nissan dealerships in the Philippines accept payments in the form of LYKA gems. Currently you can use your gems instead of cash payments at retailers like Plains and Prints, Mango, New Balance, Guess, BLK Cosmetics, Happy Skin and restaurants like Brotzeit, Ramen Nagi, Senor Pollo, Barcino, Sushi Nori, Saboten, Tai Koo Roast, Tipsy Pig, Tap Station, Wild Flour, Tokyo Milk Cheese Factory, FRNK, Cold Stone Creamery, BLK513, Uncle Moe's, Kanto Freestyle Breakfast, Samgyup MNL, Persia Grill and Tim Hortons. You can also use your gems at partner merchant. Merchants also do giveaways sometimes and according to Yugatech 1 gem is equal to Php1, and that users can get five gems as soon as they create an account. You can also share and you can receive LYKA gems from friends who are also on the platform. You can collect them from uploading your own content to rating the posts of other people. LYKA app CEO Ryan Baird state on his LinkedIn profile that the app is shaping the future of work with a Social Wallet that pays the people for their passion.Īlso Read: China's Digital Currency Could Challenge Bitcoin and Even the Dollar LYKA Gems and where you can use themĮvery single action that you take on the app lets you collect gems.
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