If you Google "Isis," you will encounter a deluge of articles about the Islamic State of Iraq and Syria, a radical organization most recently in the news for gruesome executions of U.S. journalists. One thing you won't find: Isis, the mobile wallet company.
The U.S. mobile wallet platform founded by AT&T Mobility, T-Mobile USA and Verizon Wireless is rebranding as "Softcard," the company announced today. In July, Isis announced plans to rebrand to avoid confusion with the Islamic militant group.
"However coincidental, we have no desire to share a name with this group and our hearts go out to those affected by this violence," CEO Michael Abbot wrote in a blog post announcing the move to rebrand.
While the current mobile wallet will continue to function as usual, over the next few weeks the company will roll out the updated Softcard app. The website will change from paywithisis.com to gosoftcard.com, and future advertising and marketing will use the Softcard name.
Hopefully for Softcard, the new name will help the company better face increasing mobile wallet competition. Gigaom reports that Apple is expected to announce its mobile wallet offer for the new iPhone next week, and today a consortium of top U.S. retailers including Walmart, Target and CVS announced that its payment system should launch in 2015.