Harshna Cayley, Barclaycard: Allyship and sisterhood is important for equality, equity & inclusion

Please kick us off with an introduction about yourself and your career journey thus far.

My name is Harshna, and I have around 20 years of experience in the payments space, and I am a mother of three. I’m a diversity and inclusion advocate and champion, and I guess I’m a bit of a disrupter. I’m a bit of a change agent. 

What drew you into the world of payments, and how did you get started or work to uplift yourself into the industry?

When I think about my career, I started as a software developer and gradually worked my way up through various roles at multiple organisations. This journey has been incredibly fulfilling. Payments, for me, is more than just a job—it’s a passion. Payments play a vital role in society, connecting commerce and experiences, powering the economy, and driving financial inclusion. Over the past 20 years, I’ve become somewhat of a payments nerd, deeply invested in solving complex problems and making them simple.

Working at Visa for a significant period really grounded my knowledge of payments. That experience provided a strong foundation; each subsequent organisation I joined allowed me to expand that knowledge even further. The payments space is full of disruption, innovation, and challenges, which has kept me constantly learning and growing.

In each role, I’ve been dedicated to simplifying the complexities of payments and finding effective solutions. This passion for problem-solving has been a consistent theme throughout my career. Whether through enhancing financial inclusion or improving the efficiency of transactions, my work in payments has always aimed at making a positive impact.

Overall, my journey in payments has been one of continuous learning and growth, driven by a deep-seated passion for the industry and a commitment to solving its challenges.

What obstacles have you seen women facing in payments over the years? And how is this shifting?

I’ve gained a lot of first-hand experience over the last 20 years, and I’ve observed that many challenges, barriers, and obstacles to inclusion, equity, and equality still persist. This applies to everyone, regardless of gender. Much of this is due to both conscious and unconscious biases, which we all have. We’re all products of our upbringing and have certain beliefs that shape our perceptions and behaviours. Recognising and breaking these biases requires ongoing effort and self-awareness.

Confidence is a significant area that needs attention, particularly among women in male-dominated fields like STEM. There’s still a noticeable imbalance in opportunities and roles available to men and women, which can impact women’s confidence. It’s crucial to build this confidence to ensure women feel equally capable and valued.

Additionally, allyship, sponsorship, and mentorship are vital for promoting balance and equity and having a network of sponsors and allies who can advocate for you, especially when you’re not present. These allies can help dismantle biases you might not even be aware of and effectively represent your interests.

In summary, while progress has been made, there is still work to be done to address these challenges. Continuous education, fostering confidence, and building supportive networks are key steps toward achieving true inclusion, equity, and equality in the workplace and beyond.

Working as a female leader with so much experience, what tools and advice would you give to women climbing the ladder in the finance space? Is there anything you wish you would have known?

If I could go back, I would focus more on consciously developing my personal brand. Over the years, I’ve become clear about what I want to be known for, both externally and within my organisation. But if I had my time again, I would be much more aware of what makes me unique and embrace my background with pride.

I come from a low socioeconomic background and an Indian family with specific traditions and values. Transitioning to Western society as a female, I’ve learned that these differences define my authenticity and personal brand. I wish I had realised earlier how embracing these aspects could boost my confidence, help me challenge the status quo, and enable me to stand out in senior settings. We should all celebrate our diverse backgrounds instead of feeling pressured to conform to what’s considered “normal.”

This advice isn’t just for females but for everyone. Another key piece of advice is to recognise the power of sponsors and allies. Early in my career, I focused solely on doing my best in my role, building confidence through knowledge and skills in my domain, like payments and finance. I didn’t realise the importance of having sponsors who could help me progress, open new opportunities, and tackle challenges.

Sponsors and allies offer inspiration and support. For women, sisterhood is crucial. We need to have each other’s backs in achieving equality, equity, and inclusion, ensuring more women have seats at the table. It’s about creating balance. Competing with other women or feeling threatened by them is counterproductive. The power of women supporting each other can drive better balance, high-performing teams, and inclusive environments.

In summary, personal branding, having sponsors and allies, and fostering sisterhood are essential. These elements not only help in personal growth but also contribute to better commercial outcomes and a positive culture. I’ve learned to use these tools over the years and encourage others to do the same.

What opportunities do you see for women in the payments industry in the next 5-10 years?

Looking at the next 5 to 10 years, the payments industry is evolving rapidly with constant disruption and innovation. Various influences exist, from the economy and political landscape to the ESG agenda and diversity, equity, and inclusion initiatives. Specifically for women in this space, I hope to see significant progress.

Firstly, I would love to see more female entrepreneurs in the payments industry. As the industry evolves and becomes more accessible, with greater equality and balance in opportunities, I hope to see more women stepping into entrepreneurial roles. It’s an exciting prospect that aligns with the broader trend of increasing female representation in leadership and management roles. Seeing more balanced boards with equal male and female voices is crucial. Historically, men have predominantly occupied leadership positions, and it’s time for that to change.

Another key area is the presence of women in STEM fields—engineering, AI, data, and technology. These areas are essential for financial services and the payments ecosystem. Encouraging both males and females from an early age to pursue opportunities in STEM is vital. Many future roles and demands will be in this space, and currently, there’s an imbalance with fewer females in STEM roles. In the next 5 to 10 years, I hope to see more women specialising in STEM and taking on financial services, payments, and commerce roles.

Encouraging girls to pursue subjects they are interested in from an early age is critical. By doing so, they will have the opportunity to explore and pursue careers in these fields. We are starting to see a shift, with more girls and women retraining and feeling confident to explore these opportunities. This trend needs to continue and grow.

In summary, women’s opportunities in the payments industry over the next decade are immense. There’s a chance to create a more balanced and inclusive industry, from entrepreneurship and leadership roles to STEM fields. By fostering interest and confidence in these areas from a young age, we can ensure that women are well-represented in the future landscape of financial services and payments.

I’d like to pose an open statement for you to finish – payments are done right when…

When it creates an open, inclusive ecosystem that fosters financial empowerment, promotes economic growth, carries commerce and enhances the overall well-being of individuals and communities.

How far off are we from that? What needs to be done to bring that vision into actuality?

I’d say we still have a long way to go to achieve the vision I described. My vision is quite ambitious and all-encompassing, almost describing perfection, which I don’t think we’ll ever truly reach. It’s always going to be an evolution and a work in progress.

Currently, the system is too complex, and there is too much friction between commerce and payments. There’s also significant friction around financial inclusion, especially when providing accessibility to underserved communities. Small and midsize businesses face challenges in growing and scaling due to the difficult ecosystem they must navigate to get the help they need. These challenges mean we are still some distance from achieving that vision.

To address this vision, we need to embrace several key initiatives. One major area is investing in the digital infrastructure—not just at an individual or banking level, but at a very macro level. Building the digital infrastructure necessary to power the payments and commerce ecosystem is a massive undertaking. It requires collaboration from many players, including the government, regulators, banks and financial institutions, fintechs, and technology providers. This collaboration is crucial to make significant progress.

Additionally, promoting financial education and financial awareness is vital, starting from a very young age. This includes integrating financial education in schools and reaching out to underserved communities to ensure they have the necessary knowledge and resources. This education can help level the playing field and promote financial inclusion.

In essence, while we have a vision of an ideal, frictionless payments and commerce ecosystem, achieving this requires substantial investment in digital infrastructure, promoting financial education and inclusion, and fostering collaboration among a wide array of stakeholders within the value chain. It’s a collective effort that involves many players working together to create a more inclusive and efficient system. The journey towards this vision is ongoing, and while we may never reach perfection, continuous progress can bring us closer to a more inclusive and efficient financial ecosystem.

What are you most excited to see in the payments landscape in the next five years?

In the next five years, I’m really excited to see the convergence between commerce and payments become even more embedded than it is today. Right now, payments happen seamlessly, but I envision a future where they are 100% integrated into every interaction on every platform consumers use.

One area that has already seen significant movement, especially since COVID-19, is contactless and mobile payments. This trend is here to stay, and we can expect even more innovation in this space. Whether it’s accepting payments through wearables, using mobile devices, or employing an all-in-one app for everything from social interactions to payments to commerce, the possibilities are endless. I believe we’ll see continued advancements in contactless and mobile payment technologies.

Another exciting area is the integration of AI, virtual reality (VR), augmented reality (AR), and the metaverse into payments. While these technologies are currently popular in gaming, their potential extends far beyond that. We’re starting to see the convergence of physical and virtual payments, merging commerce with digital experiences. This ecosystem will be powered by data and AI, driving innovation and new ways of interacting with payments.

I also anticipate significant developments in authentication and biometrics. These technologies will enhance security and make transactions even more seamless. Additionally, open banking will revolutionise accessibility within the payments and financial services ecosystem. Open banking will bring more innovation and address new use cases, providing greater opportunities for financial institutions and anyone operating in the payments space.

This is such an exciting time to be involved in the world of payments. The rapid pace of change and continuous evolution make it a dynamic field. Reflecting on your question about what brought me into payments and how I’ve worked my way up, I can say there’s never a dull moment. There’s always a new challenge to solve, and the fast-paced nature of the industry keeps it incredibly engaging.

As a consumer and a professional, I relate to the innovations in payments. It’s fascinating to see how it impacts not just my generation, but also my children—my 15-year-old, my 13-year-old, and my 9-year-old. Payments are here to stay, and they will continue to play a significant role in powering the economy and shaping our daily lives.