Paytm rolls out Gold Coins, letting users earn digital gold on every payment made

Paytm has unveiled an innovative feature that aims to turn everyday transactions into avenues for long-term savings. The introduction of 'Gold Coins' allows users to accumulate digital gold with each payment they make through the Paytm app. Launched on Thursday, this reward system is designed to integrate wealth-building into daily financial activities, tapping into India's cultural affinity for gold as a reliable store of value. Users can earn Gold Coins on a wide range of transactions, including UPI transfers, QR-based Scan & Pay operations, bill payments, recharges, and money transfers. Additionally, payments made with credit cards, debit cards, and net banking also qualify for Gold Coins, with users of RuPay credit cards receiving double the rewards. Highlighting the significance of gold in Indian households, a Morgan Stanley report reveals that the country holds approximately $3.8 trillion in gold, representing nearly 89% of India's GDP, emphasizing its enduring appeal across generations. According to Paytm, the 'Gold Coins' feature offers a more valuable alternative to traditional cashback options, allowing users to convert their rewards into digital gold that appreciates over time. After making an eligible payment, users can earn their Gold Coins by scratching an in-app card, which can then be exchanged for digital gold directly within the app. To check and convert their Gold Coins, users simply need to open the Paytm app, click the 'Gold Coins' icon on the home screen, and view their accumulated balance. They can then select the option to 'Convert to Real Gold' to redeem their coins for digital gold. To check their total holdings of digital gold, users can navigate to the 'Paytm Gold' section on the app's home screen to view their available balance. This new feature reflects Paytm's commitment to adding lasting value to user transactions by transforming routine digital payments into opportunities for wealth generation.