Payment platform Isis Mobile Wallet announced Monday that it will change its name to end any confusion between the company and a terrorist group that also goes by the name ISIS.
The militant group, whose full name Islamic State of Iraq and Syria (ISIS), is reportedly involved in both countries, and is responsible for sectarian violence against both civilians and government forces, according to CNET. Michael Abbot, CEO of Isis Mobile, said his company is working "actively" on finding a new name, but has not yet revealed what that name might be.
"However coincidental, we have no interest in sharing a name with a group whose name has become synonymous with violence, and our hearts go out to those who are suffering," Abbott said.
Isis Mobile was founded in 2010 and offers a free wallet app for Android and iOS devices that allows consumers to pay at point-of-sale. The payment method was initially made available thanks to the mobile devices' NFC chips. Consumers are able to make payments using special "Isis Ready" NFC cases designed for the iPhone. A limited number of credit cards, which includes cards from Chase, American Express/Arnex Serve, and Wells Fargo, can be used with the Wallet, TechCrunch reported.
Isis has yet to obtain large popularity in the U.S. since it is not accepted everywhere and is competing with Google Wallet, banks and other companies.
The company also faces competition from PayPal in the race between companies focusing on using mobile devices, rather than cash or credit cards, for making payments, CNET reported.
Isis Mobile's platform is run by a joint venture between Verizon Wireless, T-Mobile and AT&T. The decision to change its name follows the company's nationwide launch last November.
Abbott stated that the brand "Isis" was chosen for his company because he wanted to have a name that "brought to life our company and our values," TechCrunch reported.
"Above all, we wanted a brand that captured the simplicity of our mobile wallet experience," he added. Isis Mobile stated that while it is looking for a new name, it will keep its current focus and commitment to customers.
The company's rebranding decision also follows the militant group ISIS's decision to change its name from the "Islamic State of Iraq and al-Sham," to a short name, "Islamic State."
