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Isis Mobile Wallet to change name

Since the term "Isis" has become synonymous with a terror group, the digital-payment service is now working on rebranding.

Isis Mobile

Isis Mobile Wallet, the mobile-payment initiative, said Monday that it will change its name, looking to divorce itself of a word used to describe the terrorist group Islamic State of Iraq and Syria, also known as ISIS, which is actively involved in both countries.

"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," Isis Mobile CEO Michael Abbott said in a statement.

He added that the company is "actively working" on a new brand, but didn't unveil a different name yet.

Isis Mobile is one of a handful of digital wallet services, including those from Google Wallet and PayPal, that use a consumer's mobile device -- instead of cash or a credit card -- to make payments. The Isis Mobile initiative is jointly run by Verizon Wireless, AT&T, and T-Mobile.

The name change is an unfortunate setback for Isis Mobile, which spent years lining up partners, building a platform, and working on trials before launching nationwide in November.

While Isis Mobile works on rebranding itself, Abbott said the organization remains committed to growing and developing.