'Mastercard was originally known as “Interbank” and “Master Charge” from 1966 to 1979. It was created by several California banks as a competitor to the BankAmericard issued by Bank of America, which later became the Visa credit card issued by Visa Inc.
Prior to its initial public offering in 2006, it was a cooperative owned by the more than 25,000 financial institutions that issue its branded cards. Its latest announcement confirms a significant technical move towards cashless societies.
- Mastercard announces name and logo change
- Wants to be seen as a financial-tech firm instead of a credit-card network
- Now moving over to artificial intelligence and machine learning technologies
- MasterCard responding to a straight-line trajectory of current trends that would see an end to cash use by 2026 in Britain
Over the decades, Mastercard has kept up with technology and has had many iterations since it started trading in 1966. Skipping forward to March 2012, MasterCard announced the expansion of its mobile contactless payments program, and later in the same year, it teamed up with Apple, to incorporate a new mobile wallet feature into Apple’s new iPhone models.
Then in August 2017, Mastercard acquired Brighterion, a Delaware Corporation headquartered in San Francisco, California that provides a portfolio of artificial intelligence and machine learning technologies.
Here is where a big change to MasterCard’s direction takes place. And others are sure to follow.
MasterCard has just announced it has just dropped the name ‘Mastercard’. It will appear only as two intersecting circles of red and yellow (as per the main article image) with orange in the middle, on payment cards and sponsorships, and in stores where the card is accepted.
People are more often than not now paying without even a physical swipe or insert, but by inserting payment details or swiping a phone. Just for a start using the word “card” might seem a bit old-fashioned in our fast-changing world.
“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,” the company said in a press release.'
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