Paytm now rewards users with 'gold coins' for every transaction
What's the story
Fintech giant Paytm has launched a new feature that rewards users with 'gold coins' for every transaction done through its platform. The company announced this in a regulatory filing on Thursday. Paytm said that this feature lets users build up digital gold over time and invest GST-driven savings into long-term assets.
Reward mechanism
How to earn gold coins
Under this new scheme, Paytm users will earn gold coins worth 1% of the transaction value. To earn 100 gold coins, you need to spend ₹10,000. Redeeming 1,500 coins requires ₹1.5 lakh in spending, giving just ₹15 worth of gold—an effective cashback of 0.01%. These transactions can be anything from Scan & Pay and online shopping to money transfers, recharges, bill payments and recurring payments. Payments via UPI, debit cards, credit cards and net banking are eligible for these rewards.
Enhanced rewards
Double rewards on credit card payments
Notably, credit card and RuPay credit card payments made via UPI will earn double the gold coins. This move by Paytm is likely aimed at incentivizing users to use their credit cards for transactions on its platform. The company has also added new features in its app such as reminders for recurring expenses, monthly spend summaries, personalized UPI IDs and downloadable UPI statements.