Mastercard had developed a payment system that used the owner’s credit card, key fob, or mobile phone SIM card as an embedded secure RFID element. They needed a name to support the idea of simple, seamless payment.
PayPass communicates exactly what the product does, and the name uses linguistic properties of repetition and alliteration to increase memorability and a sense of newness. Compound word names are great at this, and Lexicon has a winning track record with such constructions in other categories: PowerBook for Apple, OnStar for General Motors, and DeskJet for HP, among others.
The financial services category must inspire trust and security, but also hope and ambition. As the industry has diversified and globalized, and as financial products have grown more complex, the need to embed meaning at the brand level has become more important than ever. This is a reality we understand and a challenge we accept.
A Few Financial Brands We've Named: