LankaPay has transformed from a back-end cheque-clearing entity into the backbone of Sri Lanka’s digital economy. By enabling banks, fintechs, and telcos to deliver mobile-first financial services, LankaPay is advancing financial inclusion and reducing cash dependency across the country.
LankaPay powers digital payments, financial inclusion, and mobile-first services in Sri Lanka.
Once focused solely on cheque clearing, LankaPay now serves as the foundational infrastructure for Sri Lanka’s digital payments ecosystem. The organisation provides the technology rails that allow regulated financial institutions and fintechs to deliver seamless digital financial services to consumers. Smartphone penetration exceeding 70% of households has accelerated this shift, making mobile devices the primary channel for financial transactions.
Products like CEFTS, JustPay, and PayMe have embedded digital transactions into everyday life, while government initiatives such as GovPay extend digital accessibility to public sector payments. Despite strong growth in the banking sector, many government departments remain reliant on manual, cash-based processes. LankaPay bridges this gap by offering reliable, secure, and scalable digital solutions, enabling payments, receipts, and document submissions directly from consumers’ smartphones.
In 2024, LankaPay processed over Rs 45 trillion in transaction value and aims to shift 30% of all cash transactions to digital platforms. By focusing on low-cost, commercially viable solutions, the organisation encourages adoption while fostering trust and transparency. Collaborative partnerships with banks, fintechs, and telcos allow LankaPay to extend its reach into underserved communities, driving financial inclusion and digital literacy.
Leadership emphasises that digital transformation is not only about technology but also culture, trust, and regulatory support. Initiatives like digital signatures, QR payments, and interoperability with platforms such as UPI, Alipay, and WeChat Pay demonstrate LankaPay’s commitment to integrating international and domestic digital payment systems. These solutions not only serve tourists from India and China but also encourage local consumers and merchants to adopt digital payments.
Looking ahead, LankaPay’s priorities include maintaining system reliability, ensuring security, expanding mobile-first financial solutions, and reducing cash dependency. The organisation’s proactive approach in building the digital payments ecosystem positions it as a key driver of Sri Lanka’s broader digital economy, supporting government digitisation agendas and modernising the way citizens and businesses transact.