LankaPay's inception can be traced to the former Sri Lanka Automated Clearing House (SLACH) owned by the Central Bank of Sri Lanka (CBSL). In 2002 the CBSL took a policy decision to divest the activities of the SLACH and together with all licensed commercial banks operating in Sri Lanka, CBSL took shares to launch LankaPay (Pvt) Ltd.
LankaPay was incorporated on 8th February 2002 and commenced operations on the 1st of April in the same year.