January 15th 2019

Mastercard doesn't want to rely on its name alone

Post Image
15 Jan

Mastercard's new logo

Mastercard took a bold step in Branding by removing their logo name in a move that is inspired by the rise of digital banking and a future in which there will be less reliance on card payments.

Mastercard has decided to redesign their logo, removing the name "MasterCard" from what we become accustomed to see has its traditional logo. The “traditional” logo counted for more than 50 years, however, the company went through 20 months of research in several countries to ensure that its two-circle logo, red and yellow interlaced, “were familiar enough for customers to associate without it being "said Raja Rajamannar, director of marketing and communications at the Wall Street Journal. By removing the name of the new identity, the company believes, circles gain greater expression on smartphone screens, for example.

Therefore, MasterCard places itself at the same level of branding without words as Nike or Apple.

Rajamannar acknowledges that it is a risky move, however, he says, "Re-invention in the digital age requires modern simplicity and with more than 80% of people spontaneously recognizing the Mastercard symbol without the word 'MasterCard', we feel ready to give the next step in the evolution of our brand ".

"We need to have a truly global approach," said Mastercard's chief marketing and communication officer. "Customers need continuity and at the same time, we need to have something that does not go away and has a functional benefit."

This change in the identity of Mastercard occurs at a time when the company aims to position itself beyond a credit card company, but as a technology, betting on payment technologies aimed at the digital universe. Nowadays the use of mobile payments is on the rise. According to eMarketer and Accenture research 25% of smartphone users were expected to use mobile payments for point-of-sale transactions in 2018, a 14.5% increase from 2017. About 23% of consumers said they would give up their mobile banking app for an all-in-one digital wallet out of convenience, and that is why Mastercard is working to grow its brand image beyond credit cards. In our opinion, a great branding strategy.

Mastercard is also tapping into consumers' growing use of symbols, emoji and other imagery in their everyday communication. This strategy could help Mastercard connect with younger consumers, who frequently use digital platforms, emoji and GIFs to communicate with friends, family and recently businesses.

A well-defined branding strategy approach can define the future of your company, as is the case with Mastercard. The same took the name thinking well in the direction that the company wants to go. We still have to wait in order to assess if this was a fruitful move or not. MasterCard showcases its intent in staying updated with its surroundings but also consumers behaviours. The alternative to this move would be to simply “rely on” a logo that has been serving this well-established global brand for over 50 years.

Away from having a good looking, attractive brand, that sells well to your customers, there are a whole of other advantages to branding your business properly.

Whether you are seeking to create a new brand identity or refresh your brands look, we can help you achieve the desired effect. With millions of brands vying for consumers, it is important to set yourself apart from the competition while clearly communicating your brand ethos, gaining and retaining consumers attention. By creating a memorable brand which is fixed in the forefront of consumers' mind raises numerous benefits in increased revenue and sales.