MasterCard Inc has decided to remove the word "MasterCard" from its logo and only keep the pair of interlocking red and yellow circles. After 50 years of having the same logo, the company will be joining the league of brands like Nike and Apple that do not use words to represent their brands.

In a press release on Monday, the global payments company said, "Mastercard today announced that it is dropping its name from its iconic brand mark in select contexts. The interlocking red and yellow circles referred to as the Mastercard Symbol, will now stand on its own across cards using the red and yellow brand mark, acceptance marks at retail locations both in the physical and digital worlds, and major sponsorship properties. 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."

Companies often rebrand their logos to represent their upkeep with changing times and recharge public interest.