What’s in a Name? New Mastercard Logo Embraces Icon Era

Who knew 2019 would be known as “The Year #Priceless Went Nameless”?

Consumers have been conditioned to recognize corporate icons like McDonald’s “Golden Arches” and Nike’s “Swoosh.” Now, with its decision to remove its name from its red and yellow brand mark, Mastercard is the latest major global brand to let a wordless logo do all the talking.

“Reinvention in the digital age calls for modern simplicity,” said Mastercard Chief Marketing and Communications Officer Raja Rajamannar in a press release explaining the change. “And with more than 80% of people spontaneously recognizing the Mastercard Symbol without the word ‘mastercard,’ we felt ready to take this step in our brand evolution. We are proud of our rich brand heritage and are excited to see the iconic circles standing on their own.”

The new logo – a pair of interlocking red and yellow circles – will be referred to as the Mastercard Symbol, and will be featured across cards, acceptance marks at online and off-line retail locations, as well as at major sponsorship properties.

The move is the second logo change for the company in recent years. The firm transitioned from “MasterCard” to “mastercard” in 2016, and added design changes that made the logo easier to display both horizontally and vertically. This latest logo redesign was developed by the same firm, Pentagram, that the company turned to in 2016.

“We live in a time where, increasingly, we communicate not through words but through icons and symbols,” Pentagram partner Michael Bierut said. “Now, by allowing (the Mastercard) symbol to shine on its own, Mastercard enters an elite cadre of brands that are represented not by name, but by symbol: an apple, a target, a swoosh.”

Founded in 1966 and headquartered in Purchase, New York, Mastercard most recently demonstrated its technology on the Finovate stage last year at FinovateEurope 2018. At the conference, the company partnered with Italian fintech Vipera to introduce a mobile payment solution, SME-Pay, geared toward small business owners.

The year before, at FinovateFall 2017, Mastercard demonstrated its Mastercard Cash Pick-Up solution. This technology enables disbursers ranging from P2P providers to NGOs and government agencies to deliver cash to consumers via enabled ATMs without the use of a card.

Mastercard trades on the New York Stock Exchange under the ticker “MA” and has a market capitalization of $198 billion. The company connects consumers, FIs, businesses, and governments in more than 210 countries and territories, and reported revenue of more than $12 billion in 2017.

Finovate Alumni News

On Finovate.com

  • What’s in a Name? New Mastercard Logo Embraces Icon Age.
  • LendingFront Locks in $4 Million in Series A.

Around the web

  • Ledger introduces its Bluetooth-enabled hardware wallet, Ledger Nano X.
  • Matthijs Aler appointed as the new CEO of Ohpen.
  • PaySend launches new money transfer service, PaySendLink.
  • QNB Group to deploy digital cash management solution from iGTB.
  • Klarna teams up with Stripe and Poq to enhance Missguided’s U.K. app.
  • Oliver Weber takes the helm as the new VP of Digital Banking, Switzerland, for Crealogix.
  • Infosys Finacle announces partnership with Qatar National Bank.
  • Benedigo and Adelaide Bank deploys regtech reporting solution from Wolters Kluwer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Sub-Saharan Africa

  • Mastercard partners with Kenya-based PSP, DGO Group, to enable 40,000+ African merchants to accept Mastercard payments.
  • Forbes looks at the founding role of women in Africa’s fintech industry.
  • QuartzAfrica’s review of 2018 begins with a discussion of partnerships between Nigerian fintechs and “global payment giants.”

Central and Eastern Europe

  • Estonian fintech startup CostPocket wins Rockstart pitch competition at the Digital Freedom Festival.
  • Trulioo announces its ID verification services are now available in the Czech Republic and Slovakia.
  • Russia-based Oz Forensics wins Fintech Startup of the Year award at India FinTech Awards 2018.

Middle East and Northern Africa

  • ACI Worldwide helps the National Bank of Kuwait launch Swift’s global payments innovation (gpi).
  • Albawaba asks “What UAE Startups Should Expect in 2019?”
  • Daily Sabah calls 2018: “The Year of Million-Dollar Startups in Turkey.”

Central and South Asia

  • InstaReM introduces new feature to enhance ability to make multi-currency payments to multiple beneficiaries.
  • Pakistan’s CareemPay is the latest fintech to challenge the country’s payment industry.
  • Indian government announces new initiatives to support fintech innovation.

Latin America and the Caribbean

  • Forbes profiles “corporate credit cards for startups” specialist Brex and the potential of the company to expand to Brazil by 2021.
  • Mexico’s El Empresario considers the potential for the country’s fintech sector in 2019. In Spanish.
  • iProUP’s Mundo Fintech looks at the fintech industry in Argentina i the wake of the financial crisis. In Spanish.

Asia-Pacific

  • Chinese ride-sharing company Didi Chuxing launches in-app financial services including credit, financing solutions.
  • PaySend inks payments partnership with Vietcombank.
  • TechCrunch features Chinese online consumer lending platform, 360 Finance.

Top image designed by Freepik

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Asia-Pacific

  • Singapore-based InstaReM announces new multi-currency feature to make overseas payments easier for SMEs.
  • Myanmar’s biggest privately-owned bank, Kanbawza (KBZ) Bank picks Finastra’s treasury management solution, Fusion Treasury.
  • Government ministries in South Korea partner for joint blockchain project to improve marine logistics and shipping.

Sub-Saharan Africa

  • Mastercard Foundation Fund for Rural Prosperity (FRP) invests $2.9 million three companies from Burundi, Malawi, and Uganda to support financial inclusion.
  • Nigerian Stock Exchange extends partnership with Nasdaq to continue using its matching engine technology.
  • Kenya’s Capital Markets Authority releases its “FinTech Sandbox Guidance Note” with an initial focus on robo advisors and blockchain technology.

Central and Eastern Europe

  • Intelligent CIO looks at the merger of Polish fintechs, Braintri and iCompass.
  • Mastercard partners with Polish Payment Standard to provide contactless payments.
  • New report from Deloitte and ID Finance analyzes the growth of Russia’s private fintech sector.

Middle East and Northern Africa

  • Iraq’s Hammurabi Commercial Bank to deploy ICS Banks Universal Banking Software Suite.
  • Ripple and UAE Exchange team up to launch blockchain-powered cross-border remittance payment services in Asia in early 2019.
  • Egypt’s Commercial International Bank introduces nation’s first fintech-focused venture capital fund.
  • Clinc Brings Conversational AI to Turkey’s Isbank.

Central and South Asia

  • Obopay teams up with Federal Bank and Mastercard to offer new pre-payment card in India.
  • Indian digital payments firm ePayLater teams up with Cashfree to bring its credit-based payment option to merchants.
  • YourStory features Pune-based fintech startup, Phi Commerce.

Latin America and the Caribbean

  • Brazilian lender Creditoo announces $1.2 million in new funding.
  • IDB, Finnovista report notes that four out of ten Peruvian fintechs has a female founder.
  • Costa Rica unveils new virtual currency, Ecolones, to encourage recycling.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • What Happens When a Lending Platform Goes Under?
  • Australian Challenger Bank Tyro Partners with Alipay.

Around the web

  • Coinbase leverages an electromagnetic signal blocking tent to secure assets from cybercriminals.
  • Klarna to provide pay later service for U.K. retailer, The Fragrance Shop.
  • Finastra to support fintech collaboration in the Middle East by joining Bahrain FinTech Bay.
  • AlphaPoint powers San Francisco-area, XRP-based cryptocurrency exchange, DCEX.
  • Check Point rumored to be developing a mini-firewall for IoT.
  • Bloomberg reports: Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales.
  • Personal Capital launches “Retirement Paycheck” service to simplify retirement income.
  • Salesforce selects InvestGlass for EMEA fintech accelerator.
  • Black Enterprise profiles DarcMatter co-founder, Natasha Bansgopaul.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Feedzai Brings Automated Machine Learning to the Fraud Fight.
  • DriveWealth and Bambu Join Forces on Roboadvisory Tool.

Around the web

  • Your Legacy Federal Credit Union to deploy core account processing technology from Fiserv.
  • CYBG (Clydesdale Bank and Yorkshire Bank) partners with The ID Co. to integrate DirectID into CYBG’s B mobile banking app.
  • Coinbase unveils crypto plugin to make it easier for e-commerce merchants to accept cryptocurrency payments.
  • Bloomberg: Quantopian makes $50 million allocation to one of its quants.
  • OurCrowd named Most Active Venture Investor in Israel by PitchBook.
  • Jack Henry & Associates and Mastercard deliver Priceless Surprises campaign to 1.8 million cardholders.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Coinbase Makes Buying Crypto Easier, Faster for U.K. Customers.

Around the web

  • NuData Security embraces EMV 3-D Secure authentication.
  • Entersekt partners with Mastercard to enhance payment options for users of the Nedbank Money app.
  • StockTwits launches Rooms, a chat platform where users create new communities based on shared interests, specific stocks, or market trends
  • COCC leverages Segmint to offer data-driven marketing solutions for bank clients.
  • Roostify announces new Chief Financial Officer Eric Amblard, formerly of EverString Technologies.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Eastern Europe

  • Poland’s Horum Bank, a mobile bank based on blockchain technology, prepares for launch, most likely in the Baltics.
  • VTB Bank in Armenia goes live mobile banking and enhances internet banking services.
  • Emerging Europe examines the fintech industry in Romania “and beyond.”

Middle East and Northern Africa

  • Turkey’s İşbank opens API portal with 14 APIs including payments plans, credit scores, and customer accounts.
  • UAE’s Trriple announces upgrades to its mobile wallet app, making top-ups easier and adding a loyalty program.
  • Growth Business UK features Dubai-based crowdfunding platform, Eurecca.

Central and South Asia

  • Mastercard launches its Simplify Commerce platform in Sri Lanka.
  • Forbes looks at how the election of Imran Khan as Pakistan’s new prime minister could impact the country’s fintech industry.
  • Paysense, a fintech based in Mumbai, India, raised $18 million in funding in a round led by PayU.

Latin America and the Caribbean

  • Worldline and Brazilian fintech EBANX produce new payment method for Brazilian users of Spotify.
  • Bradesco and Banco do Brasil launch urban mobility payment company, Veloe.
  • International Tax Review looks at the tax policy and the crowdfunding industry in Mexico.

Asia-Pacific

  • Experian leads $28 million investment in C88 Financial Technologies Group as part of effort to boost financial inclusion in Southeast Asia.
  • U.K.-based Online Blockchain introduces ManilaCoin, a cryptocurrency designed to promote financial inclusion in the Philippines.
  • IBM lands managed services deal with Thailand’s Krungsri (Bank of Ayudhya) valued at $140 million.

Sub-Saharan Africa

  • Kenyan fintech Tulaa raises $627k in seed funding. The Nairobi-based company helps small farmers access credit and markets.
  • Alpha Code, an accelerator and incubator headquartered in South Africa, begins accepting applications for its AlphaCode Incubate Programme.
  • Nigeria’s National Identity Management Commission encourages private and public sector IT leaders to focus on digital inclusion.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Sberbank in Slovenia Partners with Open Banking Platform Provider Token.
  • Equifax Acquires DataX to Promote Financial Inclusion.

Around the web

  • Wirecard and Mastercard collaborate to make contactless payments using wearable technology more accessible.
  • Roostify expands leadership ranks with new Chief Customer Officer, new VP of Sales, and new General Counsel.
  • VyStar Credit Union ($7.6 billion in assets) to upgrade core banking solution with technology from FIS.
  • Hyperwallet to provide mass payment distribution for content processing platform, Wordapp.com.
  • Premier America Credit Union ($2.5 billion in assets) to deploy core processing technology from Jack Henry & Associates.
  • Santander integrates nCino’s Bank Operating System.
  • Carte Wealth Management to launch advisor engagement platform powered by DigitalReach from BlueRush.
  • TechCrunch reports: Coinbase Reportedly Gets Approval from US regulators to Start Listing Tokenized Securities.
  • Ephesoft releases new Swagger/OpenAPI-web services for Ephesoft Transact.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Mastercard Teams Up with Worldpay to Launch ‘Pay by Bank’ in the U.K.

With Pay by Bank, Mastercard and Worldpay are making it easy for shoppers in the U.K. to pay directly from their bank account when purchasing goods and services online. The technology, originally developed by Zapp (which was a division of VocaLink, a company Mastercard acquired in 2016) is expected to be available to customers of HSBC in the second half of 2018. Additional customers will be added later in the year, with new merchants to be added starting early in 2019.

“This is the latest way we’re able to deliver on consumer’s expectations, whether they’re shopping online or paying for utilities,” Mark Barnett, president of Mastercard U.K., Ireland, Nordics, and Baltics. “(Pay by Bank) is set to play a big role in U.K. digital commerce as more banks and merchants offer this as a payment option to millions of their customers.”

The initiative and partnership is also likely to play a big role in Mastercard’s ability to participate in the U.K. debit market, where Visa is common. The agreement will also enable Mastercard to leverage Worldpay’s strong market share in the U.K.

“Through this partnership, Worldpay and Mastercard will help expand payment acceptance options for U.K. consumers and retailers by leveraging account-to-account payments technology with Mastercard’s Pay by Bank app,” Chief Strategy and Marketing Officer for Worldpay Kevin McCarten said. “This – combined with our joint efforts in making digital payments even more convenient and secure globally – creates a powerful partnership that benefits all payments stakeholders.”

Some of the technical features of the new solution include support for EMVCo’s Secure Remote Commerce (SRC), a framework that provides a consistent payment experience for consumers, as well as Mastercard’s Digital Enablement Service which uses a token for enhanced payment security as opposed to a card’s primary 16-digit account number. Worldpay will also take advantage of Mastercard’s MoneySend to enable merchants to get settlement payments to Mastercard debit cards faster.

Mastercard partnered with Vipera for a demonstration of SME Pay at FinovateEurope 2018. SME Pay is a mobile payment solution geared specifically toward small business owners. The technology gives business operators the ability to control how and when company payment cards are used, and includes capture features to make record-keeping and expense reporting easier.

The company made its most recent solo appearance at a Finovate conference the previous year at FinovateFall 2017, where it demonstrated its Cash Pick-Up solution. The technology enables a wide variety of disbursers – from P2P providers and corporate entities to NGOs and government agencies – to deliver cash to consumers through enabled ATMs without requiring a card. In addition to helping serve the underbanked, the solution can be used for emergency funds when cards are lost or stolen, P2P payments, or even for disaster relief. Trading on the New York Stock Exchange under the ticker “MA,” Mastercard has a market capitalization of $213 billion. The company was founded in 1966 and is headquartered in Purchase, New York.

Worldpay participated in our developers conference, FinDEVr Silicon Valley 2016. The company’s presentation, It’s Not Just About Getting Paid, It’s About the Payment Journey, discussed the importance of implementing a “consumer friendly buying journey” when it comes to growing sales. Worldpay provides technology-led payment products and services to more than 400,000 customers using more than 300 different payment types. Founded in 1989 and headquartered in London, U.K., Worldpay merged with Vanitv at the beginning of the year in a deal valued at $10 billion.