Mastercard is dropping its brand name and will use its signature red and yellow interlocking circles as a symbol of the converging world of physical and digital payments, according to a press release.

"Reinvention in the digital age calls for simplicity," said Raja Rajamannar, chief marketing and communication officer at MasterCard, in the release. "And with more than 80 percent of people spontaneously recognizing the Mastercard symbol without the word 'mastercard' we are ready to take this next step in our brand evolution."

Mastercard has used the interlocking circles symbol for more than 50 years after it was founded in 1966. The interlocking symbols without the name will be used at retail locations both in the physical and digital space and at major sponsorship sites.