The UK payments industry may be vocal about supporting diversity, but new data suggests that behind the rainbow banners, meaningful progress is still lagging, especially when it comes to the LGBTQIA+ community.
A new survey from The Payments Association, the UK industry body representing banks, fintechs and payment firms, reveals that most payments companies are failing to collect basic diversity data around sexual orientation and gender identity.
As PridePay, a fintech payment app designed by Cardaq for LGBTQIA+ users, takes part in Pride in London 2025 as headline sponsor today, the findings offer a timely reminder that visibility alone is not enough without meaningful action on inclusion.
While 73 per cent of organisations record gender data during recruitment, only 14 per cent collect sexual orientation data and just 27 per cent gather information on gender identity. Yet where data is collected, it’s used – 100 per cent of firms that collect sexual orientation data actively evaluate it, proving its value when taken seriously.
“Our research clearly indicates that while progress is being made in some areas of D&I data collection, there’s still a considerable way to go, particularly concerning sexual orientation and gender identity,” said Riccardo Tordera, director of policy for The Payments Association.
“The fact that all organisations collecting sexual orientation data also actively evaluate it shows the immense value in this information. We must encourage broader data collection and, more importantly, a deeper commitment to utilising this data to foster truly inclusive environments within the payments industry.”
Pride in London
PridePay’s sponsorship of Pride in London, which takes place today, reflects the growing presence of fintechs in public inclusion efforts. The partnership includes brand placements across digital and physical sites, co-branded installations in Trafalgar Square and Golden Square, temporary lounges and a Pride parade float featuring over 200 staff and supporters.
In addition to on-site visibility, PridePay will introduce interactive elements such as ‘Tap for Change’ contactless donation points for LGBTQIA+ charities, a QR code-based treasure hunt and a pledge wall for public affirmations, all designed to increase engagement around inclusion themes during the event.
Hugo Remi, CEO of Cardaq, commented: “Despite the fact that we live in the 21st century, it feels like it’s in the Middle Ages sometimes. Right now, LGBTQIA+ people are not recognised, abused, bullied and more.
“A lot of us need to hide our identity, to claim to be who we are not, only because we’re are afraid to say it out loud, as we can lose parents, friends and families. PridePay was born in order to change the way of how the society think and help LGBTQIA+ people.”
