Mobile Wallet Isis Changes Name to Softcard to Avoid Association with Terrorist Group
The mobile wallet formerly known as Isis has rebranded its product to Softcard in order to avoid any association or confusion with the violent Islamic militant group with the same name.
“We have no interest in sharing a name with a group whose name has become synonymous with violence,” said CEO Michael Abbott in a statement in July. “As a company, we have made the decision to rebrand.”
The changes will not affect users of the current Isis app, and the change to the Softcard name will take place in the next couple weeks.
The Softcard mobile wallet operates under a short-range wireless technology known as NFC or near-field communications. This allows the phone to communicate with a reader at the register so users can simply tap and pay for the items they need. With this system, credit card users can store their information via a program on their phones and use that to make payments in stores.
Many analysts believe that this mobile credit card solution could be a significant competitor to the Google Wallet. In August 2013, the mobile wallet secured partnerships with American Express and Chase credit cards. An additional partnership has been gained with Wells Fargo credit cards.
“Our search for a new name has been rooted in our founding vision: to use the power of the mobile phone to help consumers find a safer and better way to shop, pay and save. But we also wanted a name and visual identity that had the power, flexibility and simplicity to define our category,” Abbott said today.