For more than 60 years , Payomatic Corporation has filled the space between the formal banking system and the cash economy for millions of New Yorkers . Today , money works differently than it used to , catalysing a new digitally enabled customer focus

For more than 60 years , Payomatic Corporation has filled the space between the formal banking system and the cash economy for millions of New Yorkers . Today , money works differently than it used to , catalysing a new digitally enabled customer focus

T he blue and yellow PAYOMATIC banner is a familiar sight in and around New York , standing above almost 150 stores or Money Centers . Nearly half of these are open 24 hours a day . Since its origins in the 1950s , the company has provided an essential alternative to the formal banking system , providing the ‘ underbanked and unbanked ’ population with the facility to cash checks , pay bills and remit money overseas , among other services . The New York metropolitan area has always attracted a huge population of migrant and immigrant workers , and though these are by no means the only group to benefit from such services , they typically work irregular hours , maybe in multiple employments and get paid in cash or by check . Not infrequently they are supporting dependents overseas , necessitating a reliable and quick way to remit funds .