3-in-4 voters support modernizing payment regulations, and a clear majority of digital payment users support direct access for payment-focused firms

Washington, D.C. — A new national survey of registered voters finds overwhelming bipartisan support for faster payments and increased competition in how money moves. According to the survey, three in four voters (76 percent) support efforts to modernize payment regulations, and a clear majority of digital payment users (58 percent) believe regulated payment companies should be able to access national payment networks directly. 

The survey of 800 registered voters, conducted March 1–3 by the Republican polling firm Fabrizio Ward, found that voters across the political spectrum are frustrated with outdated payment systems and strongly support updating payment regulations to reflect the realities of the modern digital economy. The poll was released by the Alliance for Secure and Accessible Payments (ASAP), a nationwide coalition of business leaders and advocacy groups advocating for a more efficient payment system and an optional federal payments charter.

Voters strongly agree that payments should be faster, easier, always available, more secure, and have more competition to improve services and lower fees. Among the key findings:

• 83 percent say paychecks shouldn’t take three days to clear
• 81 percent say electronic financial transactions shouldn’t rely on bankers’ hours
• 78 percent say financial transactions should be instant, regardless of the day or time
• 76 percent support modernizing payment regulations to speed up payments and increase competition
• 65 percent agree that having legacy banks as the middleman increases fees for consumers and businesses 

The rules governing how money moves in the U.S. were written decades ago, before digital payment companies existed and when paper checks dominated. Today, voters across the political spectrum support modernizing payments to increase speed and competition, with both Trump and Harris voters backing reforms by large margins.

“Elected leaders seeking to address affordability issues and court the growing share of voters using digital payments should back reforms of our outdated payments regulation system,” said Bob Ward, partner at Fabrizio Ward. “Across party lines, voters share a clear expectation that moving money should be fast, reliable, and reflect the way people live and work today.” 

“At a time of affordability challenges, faster payments will help Americans keep more of their hard-earned money,” said John Glennon, ASAP spokesperson. “This polling shows that voters across the political spectrum are frustrated with outdated payment systems and strongly support efforts to modernize how payments work in the United States.”

The survey also found that voters see innovation and competition as key to improving the payments system:

• 74 percent say competition from digital payment companies will force legacy banks to innovate and improve services
• 77 percent say innovative companies are needed to address evolving security threats in payments
• 65 percent say increased competition from digital payment companies will help lower costs

Digital payment services are already widely used by consumers. Six in ten voters (60 percent) say they use digital wallets or online payment platforms. Among those who use digital payment platforms, support for modernizing payment regulations is even stronger, with 84 percent backing efforts to update the rules governing how payments move through the financial system.

“The payments infrastructure in the United States hasn’t kept pace with how consumers and businesses actually move money today,” said John Glennon, ASAP spokesperson. “These findings make the case for action, including an optional federal payments charter. Voters want faster payments, more competition, and rules that reflect today’s economy, not yesterday’s.”

The national survey interviewed 800 registered voters and has a margin of error of ±3.46 percentage points. The memo outlining polling details is available here.

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About ASAPThe Alliance for Secure and Accessible Payments (ASAP) is a nationwide coalition of business leaders and advocacy groups advocating for a more efficient payment system and an optional federal payments charter. Payments modernization will foster greater competition, enhance affordability, drive innovation, and strengthen America’s financial leadership.