Mastercard removing name from logo

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Mastercard unveiled a new logo. (Courtesy of Mastercard)

NEW YORK (AP) -- What's in a name?

For Mastercard, not enough to keep it in the logo.

The company is removing the word Mastercard from the pair of interlocking red and yellow circles where it has resided for more than 50 years.

Mastercard Inc. joins a small stable of brands like Nike, Apple and Target that rely on an image and not a name in most marketing materials. It also points to the changing nature of exchanging currency.

One of the original major credit card companies, formerly known as Master Charge, Mastercard has attempted to rebrand itself in recent years as a "technology company in the global payments industry."

The Purchase, New York, company said Monday that 80 percent of people recognize the Mastercard logo even when its name isn't present.