Digital payments major Paytm on Wednesday said that it achieved a Gross Transaction Value (GTV) of more than $ 50 billion while clocking 5.5 billion transactions in financial year 2018-19.

Currently, Paytm has a user Base of 350 million.

In 2017-18, Paytm had achieved a gross transactions value (GTV) of $ 25 billion, clocking volume of 2.5 billion transactions.

This GTV performance is a result of the rapid growth in the adoption of Paytm's digital payments solutions across online and offline for multiple use cases including retail payments, fees,utility payments, travel booking, entertainment, games etc.

Paytm also said that it's newly launched Paytm First premium subscription based rewards program has further helped promote usage and resulted in customer retention.

Meanwhile, a company official said that Paytm First premium subscription based rewards has half a million subscribers who are doing over 8 million transactions per month.

Encouraged by the 2018-19 performance, Paytm now aims over 2x growth this year and is targeting to cross 12 billion transactions by the end of 2019-20.

Deepak Abbot, Senior Vice President--Paytm said:"It is exciting to witness that an increasing number of new users are availing the convenience and benefits of digital payments on our platform. We are focused on developing tech driven solutions, integrated customer life cycle management, enhancing user experience and expanding to tier 4-5 cities. We are confident to achieve 12 billion transactions by the end of this financial year".