Isis mobile wallet
Isis mobile wallet has ditched its name to avoid confusion with the militant group of the same name Isis

Mobile wallet service Isis has said it will change its name after the proliferation of an extremist militant group in Iraq referred to by the same name.

The Islamic State of Iraq and the Levant (ISIS) has gained notoriety for its brutality with opponents in its campaigns, first in Syria and subsequently in Iraq.

The ultra-violent group has recently rebranded itself as the Islamic State (IS) but this has not stopped the US-based tech company from pushing forward with a rebrand.

US telecom firms AT&T, T-Mobile and Verizon joined forces to back Isis four years ago. However, the rapid rise of the militant group has damaged the technology company in terms of public perception and with search engine results.

The mobile platform has a free wallet app for iOS and Android devices that allows consumers to pay at point of sale by tapping their mobile device on sensor-enabled pads and supports a limited number of credit cards.

"We wanted a name that brought life to our company and our values," Isis chief executive Michael Abbott said 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 is yet to decide on a new name, he added, but will introduce a new brand in the "coming months".