Mastercard to drop its name from logo

Since its inception, Mastercard's iconic logo has almost always looked the same: two circles, one red and one yellow, interlocking with the word "mastercard" in the middle — but that's about to change.

The financial services company announced this week that it is making a major revision to the familiar symbol. It has decided to drop the word "mastercard" in the middle of the logo and keep the image as two interlinked circles of yellow, red and orange in the middle.

While the new look may come as a surprise to most consumers, Mastercard is confident the change won't affect its identity.

“Reinvention in the digital age calls for modern simplicity,” Raja Rajamannar, chief marketing and communication officer at Mastercard, stated in a press release. “And with more than 80 percent of people spontaneously recognizing the Mastercard Symbol without the word ‘mastercard,’ we felt ready to take this next step in our brand evolution. We are proud of our rich brand heritage and are excited to see the iconic circles standing on their own.”

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The move progresses the company's initiative to ditch the 'card' element in Mastercard's brand as tele-banking and digital payment trends are taking over the finance industry. Additionally, the decision to drop the words puts the company in the likes of brands such as Nike and Apple which are easily identified by its symbol alone.

Mastercard's new logo push will happen gradually as banks and other establishments work to transition the older symbol out of its systems.

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