Mastercard Incorporated (NYSE: MA) on Monday announced it will be dropping its name from its logo, leaving only the iconic red and yellow interlocking circles that have been the hallmark of the brand for more than 50 years.
The company said the move to a more flexible, modern design is an effort to evolve amid changes in the consumer and commerce landscape.
“Reinvention in the digital age calls for modern simplicity,” said Raja Rajamannar, chief marketing and communication officer at Mastercard. “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.”
The red and yellow interlocking circles symbolized the brand’s promise to connect people to Priceless possibilities. The image below represents the change.
“We live in a time where, increasingly, we communicate not through words but through icons and symbols. Mastercard has had the great fortune of being represented by two interlocking circles, one red, one yellow, since its founding in 1966, said Michael Bierut, partner at Pentagram. “Now, by allowing this symbol to shine on its own, Mastercard enters an elite cadre of brands that are represented not by name, but by symbol: an apple, a target, a swoosh.”
“Mastercard’s two interlocking circles have always represented their commitment to connecting people. Now, that commitment is given greater presence by Mastercard’s status as a symbol brand.”
The global payments processing company boasts a network connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. The move to symbol branding follows another major announcements last week.
On Friday, Mastercard named Donald Chesnut as its first chief experience officer, effective January 14, 2019.