Having decided in July to rebrand to avoid being confused – or associated – with the violent Jihadist group of the same name, Isis has announced its new moniker is Softcard.
Suggestive of its function as a virtual payment method, CEO Michael Abbott has high hopes for the new brand that is unlikely to pick up the negative vibe of its predecessor.
“Together with a simple and flexible visual system, the inherent simplicity of Softcard gives it the potential to become a category defining name… That’s a bold aspiration, but one that matches the breadth of our vision,” said Abbott.
The vision is to redefine payments, effectively replacing the physical wallet and credit/debit cards with a user’s NFC-enabled smartphone.
Isis got off to a slow start but the latest data released by the company in May presented a more encouraging picture, at least in terms of activations by new users.
Abbott reassured existing users that the venture’s wallet app will continue to work in the same way. In a few weeks, Softcard will update the app. At that point the Isis Wallet on a user’s smartphone screen will become Softcard.
The rapid rebrand means “small traces” of Isis will be visible for a short time, he said.
Interestingly, neither a website nor Twitter account using the Softcard name is currently active.