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Being a young researcher myself I received a comment from my colleague that some of the journals are paying reviewers for the reviewing process.

When I gave it a thought, it started to make more sense. In case of high quality, respected journal, an institution may consider itself privileged to have a reviewer of such journal and allow the reviewer to dedicate small proportion of his/her daily activities just on the reviewing process.

The reviewer being paid, has more obligations to provide thorough in depth review.

Does that hold true for some journals or is it just a myth?

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up vote 30 down vote accepted

It's not a myth. There are/have been some journals that pay peer reviewers. For example:

Whether the reviewer being paid, has more obligations to provide thorough in depth review is true or not is entirely uncertain, though.

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This is not quite what you asked, but book publishers often pay reviewers to evaluate a manuscript and give their opinion on whether to publish it. I recently received $125 US for just such a review. It was less work than reviewing a typical journal article (since I wasn't asked to check technical details) but had a short deadline of just a couple of weeks.

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