Paytm: Users will receive gold coin rewards for transactions made through Paytm. Paytm One 97 Communications Limited has launched a new feature that rewards users with gold coins for every transaction. The company stated that these coins can be exchanged for digital gold.
Paytm: Users will receive gold coin rewards for transactions made through Paytm. Paytm One 97 Communications Limited has launched a new feature that rewards users with gold coins for every transaction. The company stated that these coins can be converted into digital gold. This feature will apply to various types of transactions, including scan and pay, online shopping, money transfers, recharges, bill payments, and recurring payments. Whether users make payments using UPI, debit cards, credit cards, or net banking, this feature will apply to all payments. Notably, double the gold coins will be awarded for UPI payments made using credit cards and RuPay credit cards.
How to receive the coins?
The company stated that users will receive 1% of the transaction amount in gold coins for every transaction. For example, spending ₹10,000 will earn 100 gold coins. Spending ₹1.5 lakh will earn you 1,500 gold coins, each worth around ₹15. This essentially amounts to a 0.01% cashback, but in the form of digital gold instead of cash.
Why was it launched?
The company says the feature has been launched ahead of the festive season, when gold demand is highest in India. The idea is to allow users to gradually accumulate digital gold and convert their spending into savings and long-term investments.
Other New Features
Recently, Paytm has added several features to the app, including reminders for recurring expenses, monthly expense summaries, personalized UPI IDs, downloadable UPI statements, and a single view of all bank account information.
The company stated that this initiative is in line with the government’s initiatives such as Atmanirbhar Bharat and GST reforms, which aim to strengthen the savings of individuals and businesses. Paytm users will now be able to accumulate a small amount of gold with every expense, which will accumulate over time as an investment.
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