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GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online, and even purchase goods without the need for any
GCash can be used to buy prepaid load, pay bills, send money, make donations, shop online, and even purchase goods without the need for any
cash
In July 2021, just seven months after its popularity took off. That month, the central bank of the Philippines ordered Lyka to suspend all transactions, saying the company wasn’t properly licensed as a
In July 2021, just seven months after its popularity took off. That month, the central bank of the Philippines ordered Lyka to suspend all transactions, saying the company wasn’t properly licensed as a
payment service
Over 4.5 million people had downloaded Lyka, according to figures shared by Data.ai, and tens of thousands of merchants — including international brands like Ford and Guess — were accepting Lyka tokens when the app stopped
Over 4.5 million people had downloaded Lyka, according to figures shared by Data.ai, and tens of thousands of merchants — including international brands like Ford and Guess — were accepting Lyka tokens when the app stopped
operations
GCash is an internationally acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money
GCash is an internationally acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money
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The result: Active users were left with stores of worthless in-app
The result: Active users were left with stores of worthless in-app
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Study Notes
GCash Overview
- GCash functions as a versatile digital payment platform enabling users to buy prepaid load, pay bills, send money, make donations, shop online, and purchase goods.
- It operates as a secure and convenient virtual wallet, facilitating fast transactions via mobile phones.
Lyka Incident
- In July 2021, the Central Bank of the Philippines mandated the suspension of transactions for Lyka due to non-compliance with licensing requirements.
- Seven months after gaining popularity, Lyka's operations were halted, impacting its rapidly growing user base.
User and Merchant Statistics
- Over 4.5 million downloads of the Lyka app were recorded, showcasing its popularity among users.
- Despite its suspension, Lyka had established partnerships with tens of thousands of merchants, including notable international brands such as Ford and Guess.
Consequences of Suspension
- The abrupt halt of Lyka transactions left active users with in-app tokens that became worthless, highlighting risks associated with unregulated digital payment platforms.
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Description
Test your knowledge of the Philippine financial system with this quiz. Explore the top banks in the Philippines, including CIMB Bank, PNB, BPI, Union Bank, BDO, Landbank, PSBank, RCBC, Maya Bank, and Robinsons Bank. Learn about the popular micropayment service, GCash, and its bank partners.
