Digital payments major Paytm on Thursday 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.

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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.

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.

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"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.