New Delhi, May 31 (PTI) Digital payments major Paytm today said it has crossed an annual gross transaction run-rate of USD 29 billion, driven by growth across mobile payments and bank transfers through its platform. Also Read - ByteDance in Talks With SoftBank, Glance to Sell its Indian TikTok Assets: Report

A Paytm spokesperson said the company is witnessing strong growth in both mobile payments usage as well as transactions through bank transfers, which has been recently introduced. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights

“We are already seeing a GTV (gross transaction value) run rate of USD 29 billion. We are currently logging about one billion transactions per quarter and we aim to double it this year,” the spokesperson added. Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration

GTV refers to the total transaction value through the platform in a given time period.

Paytm, which has seen massive adoption after the demonetisation drive in the country, said about seven million offline merchants accept payments through Paytm QR. About 50 per cent of all Paytm transactions are made by users in tier II cities and beyond.

Also, over 100 million of Paytm customers have completed the KYC process for transacting on its platform.

“We will continue expanding the digital payments ecosystem in our country and enabling small merchants to accept payments digitally. We are committed to continued investments in our existing businesses, and to building new ones to make India a cashless nation,” the spokesperson said.

The Alibaba and SoftBank-backed company had recently said it will invest Rs 5,000 crore over the next three years to enhance bank transfer and other payments facilities for customers through its platform.

It had stated that it expects to process about Rs 60,000 crore worth of monthly bank transfer transactions.

This is published unedited from the PTI feed.