LGBTQIA+ Representation Lacking in Payments Industry, Reveals Payments Association's Study
The UK payments industry is making strides in the realm of diversity and inclusion (D&I), but a recent survey by The Payments Association reveals that significant challenges persist, particularly in the collection of data regarding sexual orientation and gender identity.
According to the survey, 73% of organisations record gender data during recruitment, yet only 14% collect sexual orientation data and 27% gather information on gender identity. This disparity underscores a considerable gap in data collection specific to LGBTQIA+ identities.
Riccardo Tordera, director of policy for The Payments Association, acknowledged that progress is being made in some areas of D&I data collection, but there is still a significant way to go, particularly concerning sexual orientation and gender identity. He emphasised the importance of broader data collection and a deeper commitment to utilizing this data to foster truly inclusive environments within the payments industry.
One positive development is the emergence of LGBTQIA+-focused initiatives, such as PridePay, a payment app by Cardaq, which has become the headline sponsor of Pride in London 2025. PridePay's sponsorship symbolises visible corporate commitment to LGBTQIA+ inclusion.
However, challenges remain. Limited collection and utilisation of sexual orientation and gender identity data are crucial for understanding and addressing disparities. A quarter of firms have no focus on protected characteristics, implying a lack of targeted inclusion strategies. The need for the payments industry to go beyond innovation and tackle systemic inequities intentionally has been highlighted by Riccardo Tordera.
Hugo Remi, CEO of Cardaq, expressed concern about the treatment of LGBTQIA+ individuals in society, stating that they are often not recognised, abused, bullied, and forced to hide their identities. He believes that PridePay can help LGBTQIA+ people by increasing visibility and offering a platform for support.
During Pride in London, PridePay introduced interactive elements to increase engagement around inclusion themes. These included 'Tap for Change' contactless donation points, a QR code-based treasure hunt, and a pledge wall for public affirmations.
As Pride in London takes place today, it serves as a timely reminder that visibility alone is not enough for meaningful inclusion in the payments industry. More comprehensive and intentional efforts are required to make significant progress in financial inclusion and representation for the LGBTQIA+ community within the UK payments sector.
[1] The Payments Association's 2025 Diversity & Inclusion (D&I) survey [2] PridePay's sponsorship of Pride in London 2025 [3] Hugo Remi's comments on the treatment of LGBTQIA+ individuals [4] The findings from The Payments Association's survey offering a timely reminder that visibility alone is not enough for meaningful inclusion in the payments industry.
- In the payments industry, there is a significant gap in data collection specifically related to LGBTQIA+ identities, according to the findings from The Payments Association's 2025 Diversity & Inclusion (D&I) survey.
- PridePay, a payment app by Cardaq, which has become the headline sponsor of Pride in London 2025, serves as a visible corporate commitment to LGBTQIA+ inclusion.
- Hugo Remi, CEO of Cardaq, highlighted the need for intentional efforts beyond visibility to ensure meaningful inclusion in the payments industry, given the concerns about the treatment of LGBTQIA+ individuals in society.
