Consumers may seem largely indifferent to the mobile carrier-owned Isis digital wallet, but what has prompted the change to a name to be named later is the rise of ISIS, the Islamic State of Iraq and Syria.

"The ISIS militant group has been linked to sectarian violence against civilians and government forces in Iraq and Syria," Isis CEO Michael Abbott wrote in a blog on Tuesday.

"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. As a company, we have made the decision to rebrand," Abbott wrote.

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