BSP: Lyka should register as a payment system operator

THE Bangko Sentral ng Pilipinas (BSP) denied Digital Spring Marketing and Advertising Inc.’s (Digital Spring) application to be registered as a Payment System Operator (OPS) of the Lyka / Things I Like Company payment system Ltd (TIL).

The BSP confirmed the Cease and Desist Order (CDO) issued against Digital Spring on July 23, 2021, reiterating that Lyka / TIL and not Digital Spring should register as an OPS with the BSP.

The BSP sent a letter to Digital Spring about its denial of the company’s reconsideration requests. For this reason, the CDOs against Lyka / TIL and Digital Spring dated July 23 are confirmed and will remain in effect until Lyka / TIL properly registers as an OPS in accordance with the law and regulations.

“Think of an OPS as a pilot who must personally obtain a flight license to prove he has the skills and training to safely fly a passenger plane,” BSP Deputy Governor Mert Tangonan said in a press release on Friday, October 8, 2021..

“Digital Spring is applying for registration, instead of Lyka / TIL itself, which is like saying the airline ticket office can apply for a license to fly on behalf of the pilot. It is the pilot who must apply for the license, ”he added.

To date, Lyka / TIL has not yet registered as an OPS.

PSOs can be collection service providers, bill payment service providers, and entities such as payment gateways and merchant acquirers that enable sellers of goods and services to accept payments, in cash. or in digital form.

Lyka / TIL is a popular app in the Philippines owned by a Hong Kong-based company that allows people to earn Lyka GEMS or gift cards electronically for posting, sharing and liking content. These GEMS could be used for payment for goods and services.

These activities make Lyka / TIL, according to BSP, an OPS and therefore registration is required before it can continue with these activities.

BSP said it provides secure, convenient and cost-effective digital payment services to the public for their payment needs. In the process, the BSP oversees payment system operators to protect consumers, merchants, banks and other participants in the payment system.

“For its continued protection, the public is reminded to only use the payment services of a registered OPS,” BSP said. (EMPLOYMENT with PR)

Source link

About Matthew R. Dailey

Check Also

The hidden dangers of paid leave

Monday, October 18, 2021, 10:04 a.m.Press release: Complaints from Financial Services Ltd. While loan repayment …

Leave a Reply

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