NEW YORK -- Civil unrest in Iraq and Syria have lead the mobile wallet entity known as Isis to make the decision to rebrand its platform to a new name that has yet to be determined.
In an open letter to media, customers and the business community, the New York City-based Isis said the rise of the Middle Eastern militant group commonly known as the Islamic State of Iraq & Syria (ISIS) prompted its decision.
In a letter to stakeholders provided to CSP Daily News, Michael Abbott, CEO of Isis, the mobile wallet platform, said, "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."
Although reports have brought to light issues Isis was having with getting near-field communications (NFC) technology into the hands of consumers, a spokesperson told CSP Daily News that its "business focus and efforts will remain the same, and we will continue to focus on further growing the mobile payments ecosystem to the benefit of consumers. As a company, we have made the decision to rebrand."
Reflecting on the company's ruling, Abbot said from "our inception, our vision has been simple: Use the power of the mobile phone to help consumers find a safer and better way to shop, pay and save."
Back in 2010, Abbott said the goal for the name was to "bring to life" its values, capturing "the simplicity of our mobile wallet experience."
In recent weeks, the growing use of the acronym ISIS to describe the militant group created an unease for the mobile wallet provider.
"Changing a brand is never easy, but we know this is the right decision--for our company, our partners and our customers," Abbott said. "We are actively working on a new brand, and I'll share more with you as our journey progresses in the coming months. … Our focus on delivering a great product and platform to our customers hasn't changed."