Isis mobile wallet abandons name to militant group

July 7, 2014
Members of the Iraqi Emergency Response Brigade patrol streets on June 24, 2014 in the western city of Ramadi in the Anbar province, where government forces fight against anti-government militants

Mobile wallet service Isis is changing its name to distance itself from an acronym used to refer to militant group Islamic State of Iraq and Syria.

US AT&T, T-Mobile, and Verizon four years ago teamed together to back Isis, software that takes advantage of near-field communication chips in smartphones to allow people to consumate transactions by tapping mobile devices on sensor-enabled pads at shops.

"We wanted a name that brought life to our company and our values," Isis chief executive Michael Abbott said Monday in an online message about the decision to dump the name inspired by an Egyptian goddess.

"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."

The company has not yet decided on a new name, Abbott said.

Explore further: Wireless carriers team up on mobile payment network

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