Isis mobile wallet name change on the way, explains CEO

Summary:Not to be confused with the militant group, the mobile wallet formerly known as Isis is planning a makeover.

The name Isis has been occupying headlines for the last few weeks, but not for the reasons a certain mobile wallet company would like.

The mobile payments venture supported on iOS and Android and backed by financial giants such as Chase, American Express and Wells Fargo is planning to rebrand itself to avoid any confusion with the militant group of the same name.

Isis CEO Michael Abbott penned an open memo on Monday explaining the rationale behind the rebranding.

Abbott wrote:

Recently, we have observed with growing concern a militant group whose name, when translated into English, is Islamic State of Iraq and Syria – often referenced by the acronym ISIS.

The ISIS militant group has been linked to sectarian violence against civilians and government forces in Iraq and Syria.

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. As a company, we have made the decision to rebrand.

Acknowledging that rolling out a new moniker for an established product (even one that is only four years old) is never easy, Abbott projected there will be news on this front within the coming months.

Topics: E-Commerce, Apps, Legal, Mobility, Tech Industry

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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