Alibaba-backed Paytm tops $29-bn mark in gross transaction run-rate

Digital payments major Paytm on Friday said it has crossed an annual gross transaction run-rate of $29 billion, driven by growth across mobile payments and bank transfers through its platform.

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.

"We are already seeing a GTV (gross transaction value) run rate of $29 billion. We are currently logging about one billion transactions per quarter and we aim to double it this year," the spokesperson added.

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