"Reinvention in the digital age calls for modern simplicity. 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", Raja Rajamannar, chief marketing and communication officer at Mastercard, said as quoted in the statement.
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The company said it would drop its name from the brand logo "in select contexts."
Mastercard added that the red and yellow overlapping circles had been the symbol of the company for more than 50 years.