The shift marked the culmination of 20 months' intensive market and field research to gauge reaction from consumers, merchants and banks.
Speaking to The Drum's editor-in-chief on the ground in Las Vegas, Rajamannar said: “Today is probably one of the most important days for our brand. After 50 years we are dropping the name Mastercard from our logo altogether. That’s a huge move for us.”
Outlining the rationale behind the change Rajamannar said: “As consumer interaction with devices changes the real estate in digital is coming down dramatically. So it’s important to show up in a prominent way to attract attention on the one hand and on the other to make the right impact.
“Our brand is very attractive and has a high level of recognition around the world but how do we take it to the next level?
“In the given real estate for a smartwatch or a smartphone, the space available is not big and to have 10 characters for Mastercard competing with - or in relation to - the two interlocking circles. If you take off the name and occupy the whole space with red and yellow interlocking circles the visibility is more prominent."
He added: “Consumers now see the brand as being more contemporary and modern, but most importantly the brand is equally relevant and inspiring for our 2 billion Mastercard consumers.”
The Mastercard logo was last overhauled in 2016 with the unveiling of a simplified design by Pentagram.
You can watch the interview in full below.