Lyka has not yet applied as a Payment System Operator – Manila Bulletin


The central bank said on Friday (October 15) that Lyka / Things I Like Company Ltd (TIL) had not yet submitted any documents indicating their interest in applying as a payment system operator (OPS) in the Philippines.

39160

The BSP, however, said it “welcomes” the “reported decision by Lyka / TIL (to) seek registration as a PAHO under Philippine laws and regulations.”

But, the central bank also said that – “to date, the BSP has not yet received the appropriate documents related to the request from Lyka / TIL”.

Lyka / TIL, which operates a popular social media and e-commerce app, is based in Hong Kong. It was also said that he was considering

set up its own representative office in the Philippines.

The BSP reminded the public on Friday that as the regulator of the Philippine payments system, it “will continue to promote policies that promote the well-being of consumers, merchants, banks and other participants in the payments ecosystem. from the country”.

On October 8, the BSP declared that it had declined the request of the local partner Lyka / TIL, Digital Spring Marketing and Advertising Inc. (Digital Spring), to be registered as an OPS.

Since July 23, a a cease and desist order against both Digital Spring and Lyka / TIL has been in place.

Lyka / TIL is considered an OPS since its users can buy, redeem and use gift cards electronically or GEMs as a means of payment for goods and services.

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


SUBSCRIBE TO THE DAILY NEWSLETTER

CLICK HERE TO JOIN

About Matthew R. Dailey

Check Also

Contactless Payment Transactions Market Size, Share, Trends, Outlook and Forecast by 2029 – SMU Daily Mustang

New Jersey, United States – The Contactless Payment Transactions Market report includes the upcoming challenges …

Leave a Reply

Your email address will not be published.