Mastercard has decided to remove the company’s name from its logo of two intersecting circles in order to reinvent its brand in digital age.
Referred to as the Mastercard Symbol, the logo will now appear as two interlocking circles of red and yellow on payment cards, sponsorships and at online and offline retail locations accepting the cards.
The card giant said that the change comes as more than 80% of people are able to spontaneously recognise its logo without the word ‘mastercard’.
A statement from the company read: “As the consumer and commerce landscape continues to evolve, the Mastercard Symbol represents Mastercard better than one word ever could, and the flexible modern design will allow it to work seamlessly across the digital landscape.
“The instantaneously recognisable circles are a powerful symbol that bring people closer to their passions and give them the confidence and trust that their transactions are secure.”
The company is working towards becoming a payments and technology firm, instead of just a card network.
Besides credit, debit and prepaid cards, Mastercard now offers digital innovations such as Masterpass for secure online transactions, along with digital remittance solutions.
The latest change to the company’s brand identity follows an update made in July 2016, where it changed the name in the logo from ‘MasterCard’ to ‘mastercard’.