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Lyka: Merchants not accepting GEMs just temporary, as it sorts licensing issues with BSP

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ABS-CBN News

<p>MANILA—Social media application Lyka on Saturday said establishments refusing to accept their &quot;gems&quot; in exchange for products is only temporary, as it settles licensing issues with the Bangko Sentral ng Pilipinas (BSP). </p><p>In an Instagram Story, Lyka said the BSP has released a circular ordering it to suspend transactions until an operator of payment system (OPS) license is issued.</p><p>&quot;All the additional requirements requested by the regulatory body have been submitted. We will make the necessary announcement once we received the official statement,&quot; Lyka said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/23/21/bsp-orders-lyka-suspend-payment-system-register">READ: BSP orders Lyka to suspend payment operations, register with regulator</a></li></ul><p>&quot;We look forward to the issuance of the license so that our partner merchants can accept Lyka GEMs again.&quot;</p><p>Lyka, which operates in the Philippines and is backed by a Hong Kong company, allows users to purchase, exchange and use &quot;gift cards in electronic mode&quot;, or GEMs, as payment for goods and services, according to the regulatory body. </p><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="lyka" src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/tvpatrol/08/24/lyka.png"/></figure></div><p>An OPS could be a cash-in service provider, bills payment, payment gateway, payment facilitator or merchant acquirer that enables sellers of goods and services to accept payments in cash or digital form, it added. </p><p>Despite the developments, the social media application said this is the &quot;best time&quot; to accumulate the electronic gift cards for future use. </p><p>Celebrities and vloggers have been promoting the social media app. </p><p>Digital financial transactions have surged during the COVID-19 pandemic as Filipinos sought ways to continue daily tasks without leaving their homes.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/07/21/bsp-digital-transformation-sari-sari-stores-tricycle-driver">BSP&#x27;s digital dream: Electronic payments for sari-sari stores, tricycle drivers</a></li></ul><div><strong>WATCH</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1702895" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Lyka allows users to purchase, exchange and use 'gift cards in electronic mode', or GEMs, as payment for goods and services.